Bitcoin Bulls vs. Bears: Why BTC Is Consolidating Despite Massive Institutional Dumps

In the past month, Bitcoin (BTC) has been continuously grinding sideways between $62,000 and $66,000, with a press-time price of $ $64,595.

Source: TradingView

While dull, this consolidation is a testament to market resilience amid substantial selling pressure. It also reflects the positive market sentiment surrounding Goldman Sachs’ prediction of an “unlikely” September Fed Interest rate hike. Here are some of the cohorts showing adoption and endorsement of the cryptocurrency despite price stagnation.

Bitcoin adoption continues globally

Among institutions, Tudor Investment Corporation reversed its year-long selling trend by increasing its holdings in BlackRock’s spot Bitcoin ETF by 18.9% in Q2. Quantitative trading firm Jane Street also boosted its spot BTC ETF shares by $630 million in the same quarter, bringing its position to between $990 million and $1.06 billion. 

As for Bitcoin treasuries, Metaplanet (nicknamed “Asia’s Strategy”) plans on bringing its corporate BTC treasury playbook to Nasdaq via Super League Enterprise. Metaplanet will invest 2,100 Bitcoin and $2.5 million in cash into the gaming company, effectively rebranding it to Superplanet.

Another is Chinese company Zhibao Technology, which recently became the 33rd publicly traded Bitcoin treasury after selling shares for 2,380 BTC.