Bitcoin swallowed a $1.3B sell order without flinching — the buying pressure is enormous
Someone just sold $1.3 billion worth of Bitcoin through a BlackRock fund and the price barely budged — demand is that strong. On the same day, Mastercard got a New York crypto license, Cash App started rolling out stablecoin to 60 million users, and Kraken launched a way to earn yield on Bitcoin.
Idea
When a $1.3 billion sell order fails to move the price down, it tells you there are massive buy orders waiting underneath — large players are stepping in to absorb every share. Add to that a wave of mainstream adoption news: Mastercard getting a New York crypto license, Cash App pushing stablecoin features to 60 million everyday users, and Kraken making it easy to earn yield on Bitcoin. All of this points to deepening institutional and retail demand that should support prices and push them higher over the coming days.
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News sources
- Bitcoin price shrugs off $1.3B BlackRock ETF block sale — Cointelegraph
- Kraken expands Earn suite with Bitcoin Vault paying yield on BTC holdings — The Block
- Mastercard secures New York State Bitlicense as it continues to expand crypto services — The Block
- Block kicks off Cash App's phased stablecoin roll out to its nearly 60 million users — CoinDesk