Bitcoin Peaks at $91,500 as Institutions Ramp up Accumulation

Bitcoin has surged to $91,500, driven by institutional accumulation from firms like BlackRock and Fidelity for BTC ETFs. In contrast, Ethereum ETFs are experiencing net outflows, although some investors are accumulating ETH off exchanges. The current prices are Bitcoin at $90,777 and Ethereum at $1,692. Investors are urged to conduct due diligence before investing.

Bitcoin (BTC) reached the $91,500 milestone, marking the highest level since March 7. Institutional interest has surged, primarily driven by major US firms such as BlackRock, Fidelity, and ARK Invest, who are significantly increasing their Bitcoin holdings to support their Bitcoin-based exchange-traded funds (ETFs). As stated by Lookonchain, various notable institutions have contributed to this bullish trend in Bitcoin accumulation.

On April 21, Bitcoin ETFs experienced an influx of $381 million, with all 12 ETFs reporting net gains, the highest since January 30. This considerable investment contrasts sharply with Ethereum (ETH) ETFs, which have consistently faced net outflows since mid-February. Despite this, certain investors are actively accumulating ETH off exchanges, indicating differing market behaviours between the two cryptocurrencies.

Lookonchain reported that significant addresses have recently withdrawn large amounts of ETH from exchanges. Notable transactions include a withdrawal of 1,900 ETH worth approximately $3.1 million from Gate.io, along with a wallet that has amassed 48,477 ETH since mid-February, indicating a potential shift in the accumulation strategy among ethereal whales.

As of the latest market update, Bitcoin is traded at $90,777 while Ethereum holds a price of $1,692. Investors are advised to remain cautious and perform thorough diligence before making any high-risk financial decisions in cryptocurrency markets, as losses remain the individual’s responsibility.

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