Bitcoin's Institutional Demand Seen as Resilient Despite Headwinds — Market Talk

Institutional demand for Bitcoin remains remarkably resilient despite some immediate pressures that have pulled it back from a recent rally, XS.com's Simon-Peter Massabni says in a note. Bitcoin is trading down after touching 8-month highs twice this week. The pullback reflects macroeconomic pressures, primarily a shift in interest rate expectations from the Federal Reserve's recent tightening, along with pessimism around the conflict in Iran, Massabni says. But net inflows for Bitcoin ETFs have surged, positioning the funds for their strongest weekly performance since October of last year, Massabni says. The heavy institutional buying establishes a firm price floor, he says. ([email protected])