Bitcoin Holds Firm at $112K as Fidelity Invests $133M in BTC
Clients of Fidelity, a significant US asset manager, bought $132.07 million worth of Bitcoin, indicating that institutional demand
Quick overview
- Fidelity clients purchased $132.07 million in Bitcoin, reflecting strong institutional demand for the cryptocurrency.
- The asset manager has enabled Bitcoin exposure in 401(k) retirement plans, expanding its cryptocurrency offerings.
- Despite brief rallies, Bitcoin's overall market sentiment remains cautious, with the CMC Fear and Greed Index at 42.
- Risk aversion persists among traders, as indicated by the index readings below 50.
Clients of Fidelity, a significant US asset manager, bought $132.07 million worth of Bitcoin, indicating that institutional demand for the top cryptocurrency asset is still strong. The asset manager has made it possible for clients to include Bitcoin in long-term savings plans by enabling exposure to the digital asset in 401(k) retirement plans.
Fidelity is proactively purchasing Bitcoin alongside competitors like BlackRock to strengthen its portfolio in the face of shifting market conditions. The company has aggressively increased the scope of its cryptocurrency offerings by integrating retirement accounts and spot ETFs.
Bitcoin saw brief rallies, but overall sentiment remained cautious. The pioneer crypto asset held the $112K mark. The CMC Fear and Greed Index was 42 (Neutral), which was much lower than last week’s 62 (Greed) but slightly higher than 40 the day before.
Risk aversion is often indicated by readings below 50, which show that traders are still reluctant to enter large positions even in the face of improved liquidity signals.
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