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Highlights
- Bitcoin is holding above $104,000, supported by key moving averages and tightening Keltner Channel compression.
- Whale transactions above $1M surged to yearly highs, signaling accumulation by deep-pocketed investors. 3. Institutional sentiment surges as Avenir
- Group increases IBIT holdings to $691M, reinforcing long-term BTC confidence.
Bitcoin price eyes prodded above $104,000 on Friday as Asia’s top ETF investor pours $691M into BlackRock’s BTC fund, reinforcing global institutional confidence. Could the rising spate of institutional inflows propel BTC above $120,000 in the weeks ahead.
Bitcoin (BTC) Price Eyes $120K After Asia’s Largest ETF Investor Boosts BlackRock Exposure
At press time, Bitcoin (BTC) traded at $104,007, holding above the psychologically critical $104,000 mark despite heightened volatility in the altcoin market this week.
This resilience is being fueled by a surge of institutional interest, most notably from Asia’s largest ETF investor, who has now raised its investment in BlackRock’s Bitcoin ETF to $691 million.
On Thursday, Avenir Group, Asia’s largest institutional investor in Bitcoin ETFs, has significantly increased its holdings in BlackRock’s iShares Bitcoin Trust (IBIT), according to a recent SEC filing.
As of March 31, 2025, the Hong Kong-based firm held approximately 14.7 million IBIT shares, valued at $691 million, an increase from 11.3 million shares at the end of 2024. The move underscores growing institutional confidence in Bitcoin’s long-term potential and IBIT’s role as a top-tier vehicle for crypto exposure.
Founded in 2023, Avenir Group operates across major global markets including Hong Kong, the U.S., the U.K., Japan, and Singapore.
In addition to its $691 million stake in Blackrock’s IBIT, Avenir disclosed ownership of over 58,000 shares in the Fidelity Wise Origin Bitcoin Fund (FBTC), worth roughly $4 million.
Meanwhile, Goldman Sachs remains IBIT’s largest holder, with 30.8 million shares, up 28% from the previous quarter’s 24 million.
Why is Bitcoin Price Going Up Today?
According to Coingecko data Bitcoin’s latest 1% upswing to reclaim $104,000 comes amid active investor rotation into BTC, as top altcoins Solana and Ripple (XRP) price struggle under distinct internal bearish catalysts.
For Solana, investors un-staked nearly 1.4 million SOL ahead of the $5 billion FTX payouts, with bearish expectations linked to the fact that majority of the funds held by the first are hosted on Solana and Ethereum blockchains.
Likewise, XRP experience mixed momentum, struggling under bearish sentiment from a US District Judge Analisa Torres overruling Ripple’s recent $50 million settlement in it long-running case against the US SEC.
With whale demand on the rise and BTC dominance climbing, the market appears to be front-running a larger move toward $120,000 in the near term.
Why Is Bitcoin Whale Demand Rising in May 2025?
On-chain data from Santiment reveals a compelling narrative: Bitcoin whale activity is accelerating rapidly in May, reinforcing confidence amid market consolidation.
On May 9, BTC recorded 4,181 whale transactions over $1 million, the highest since the January 20 peak of 4,374, just hours before BTC price hit an all-time high above $106,000 during Trump’s second-term inauguration.
This resurgence in whale activity reflects a persistent wave of institutional and high-net-worth accumulation, since the start of May, despite sideways price movement this week.
Why is Bitcoin Whale Demand Rising in May 2025?
Historically, such on-chain activity during price consolidation phases has preceded explosive bullish moves. Three major catalyst within the current market context support this:
First, the BTC whale buy-pressure aligns with expectation of a Fed rate cut following dovish data posted in the latest US CPI inflation report released last week.
This wave of interest can also be traced back to Donald Trump’s pro-crypto pivot, which began during his 2024 re-election campaign. Trump’s executive order to establish a U.S. strategic Bitcoin reserve, signed on March 2, and the appointment of crypto-friendly Paul Atkins as SEC chair, emphasizes a softening stance in U.S. regulatory posture.
Further boosting sentiment, U.S. states like Florida, Arizona, and New Hampshire have introduced legislation to adopt Bitcoin as a treasury reserve asset, sparking a race toward digital monetary hedging.
What’s Next for Bitcoin Price?
As the US Fed faces mounting pressure to initiate rate cuts in response to looming recessionary fears, the macro environment could become increasingly supportive of risk assets including BTC.
Should Bitcoin break above $106,000 with strong volume, the path to $120,000 becomes technically and sentimentally viable, especially if paired with geopolitical triggers and instituional demand align.
Bitcoin Price Forecast Today: BTC Hovers Near $104K, Eyes Breakout Above Key Resistance
Bitcoin is showing signs of renewed strength as it consolidates above $103,800, with bulls attempting to establish dominance after a modest pullback. The latest daily candlestick pattern reflects indecision, but the broader structure suggests an underlying bullish bias as BTC trades tightly near the upper boundary of its Keltner Channel.
With the VWAP and ALMA aligned around $103,830, the price remains well-supported by key moving averages, indicating sustained bullish pressure.
More so, Bitcoin price continues to find dynamic support along the 9-day EMA, further validating short-term upward momentum. The tightening price action around $104,000 hints at a potential breakout, especially as the broader range between $99,400 and $104,800 becomes increasingly compressed.
In this bullish scenario, a close above $104,800 could trigger bullish continuation toward the $107,500 level.
On the contrary, a decisive drop below $103,700 may expose BTC to downside risk toward $99,400, the midline of the Keltner Channel. Volume Delta remains mixed but moderately bearish, suggesting profit-taking is present, though not dominant.
If upward momentum resumes and volume increases, BTC could make a run beyond $105,000 as bulls regain control
Frequently Asked Questions (FAQs)
1. Why is Bitcoin price rising in May 2025?
2. What is driving Bitcoin whale activity this month?
3. Could Bitcoin reach $120,000 soon?
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