Bitwise: BTC Dip below $70K Seen as Institutional Buying Opportunity
Bitwise CEO Hunter Horsley told CNBC that Bitcoin’s recent drop below $70,000 is prompting institutional investors to buy what they previously thought they’d missed. BTC fell to about $69,635 and has declined roughly 22.6% over the past 30 days; at a later update it traded near $71,170 with a 24‑hour gain of ~3.25%. Bitwise, which manages over $15 billion, recorded a roughly $100 million inflow on a day when BTC traded near $77,000. BlackRock’s spot Bitcoin ETF also saw large flows, with $231.6 million reported on Friday after earlier outflows. Market signals cited include an RSI near ~34.5 (approaching oversold), strong ETF-driven institutional demand, elevated retail interest (Google Trends 12‑month high for “Bitcoin”), and notable whale activity — a reported 5,000 BTC (~$351m) deposit to Binance. Traders and analysts note BTC’s recent correlation with other liquid macro assets and gold as it declines, describing the move as part of a broader liquid-asset sell-off rather than idiosyncratic weakness. Key technical levels mentioned: supports at ~$62,910 and ~$70,580; resistances at ~$72,115 and ~$75,469. The update highlights that ETFs may continue to channel institutional flows into BTC even amid macro-linked volatility. This summary is informational and not investment advice.
Bullish
The combined reporting frames the BTC pullback as a buying opportunity for institutional investors driven by ETF demand and significant fund inflows. Short-term, the news can be bullish because large inflows (Bitwise’s ~$100m day and BlackRock’s $231.6m) and whale activity indicate renewed buying pressure that may stabilize prices and drive a relief rally — especially given an RSI near oversold. Technical levels show immediate resistance around $72k–$75k, so traders should expect choppy gains until those are reclaimed. Medium-to-long-term, continued ETF-led institutional adoption supports a bullish outlook by increasing structural demand for spot BTC, though correlation with macro assets means BTC remains sensitive to broader risk-off events. Overall, the net price impact in the near to medium term is likely positive provided ETF inflows persist; downside risk remains if macro liquidity pressures resume.