Bitcoin’s price remained in a tight range on Friday, reflecting waning sentiment among traders and investors. Bitcoin was consolidating below $59,000, marking a decline of nearly 7% from its peak last week. In contrast, global stocks are set for their best week in nine months as recession concerns ease.

Goldman Sachs Invests in Bitcoin ETFs

A significant event in the Bitcoin market involved major American banks. Goldman Sachs, a renowned Wall Street entity, disclosed that it had acquired Bitcoin ETF shares valued at over $418 million. Other notable companies, including Millennium Management, have also invested in these funds. Millennium, led by Israel Englander, stands out as one of the world’s most successful hedge funds, managing over $68.2 billion. Englander himself has a net worth exceeding $12 billion.

Other top institutions that have invested in Bitcoin ETFs include Barclays, Nomura, HSBC, Bank of America, Jane Street, and Susquehanna.

Morgan Stanley’s Diverging View on Bitcoin

However, not all institutions share the same enthusiasm for Bitcoin. Vanguard, which manages assets worth over $7.1 trillion, has refrained from launching spot Bitcoin ETFs. Unlike its competitors such as BlackRock, Franklin Templeton, and Invesco, Vanguard has ruled out offering Bitcoin and Ethereum ETFs to its clients.

Meanwhile, Goldman Sachs and Morgan Stanley appear to be diverging in their approach to Bitcoin ETFs. While Goldman Sachs increased its holdings, Morgan Stanley reduced its position during the quarter. Despite this reduction, Morgan Stanley continues to hold Bitcoin ETF shares and has encouraged its financial advisors to offer these products to customers. The decline in holdings is likely attributed to the recent retreat in Bitcoin’s price.

Mixed Signals from Bitcoin’s Price

Analysts offer mixed opinions on Bitcoin’s future. Some, like Wolfe Research, suggest that Bitcoin’s path of least resistance is downward. Others, like Cryptonary, see multiple catalysts ahead, including the end of the summer season, the conclusion of the U.S. election, and anticipated Federal Reserve interest rate cuts.

Whilst the market is currently consolidating, we expect Q4 and 2025 to be extremely positive for crypto. These are the major catalysts on the horizon: End of summer and holidays – volumes will pick back up, starting in September. Interest Rate cuts to come mid-September.

Technically, Bitcoin is in a gray area, remaining below the 200-day Exponential Moving Average. A death cross has formed as the simple moving average made a bearish crossover. On the upside, Bitcoin has formed a falling broadening wedge pattern, a bullish signal that will hold only if the coin rises above the year-to-date high of $73,732.

Stay updated with the latest news and trends in the cryptocurrency market on Global Crypto News.

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