Bitcoin rose above $66,500 for the first time since July, driven by three fundamental developments identified by Matt Hougan, Chief Investment Officer at Bitwise, who stated he found it «hard not to be extremely bullish» on BTC and crypto. These catalysts include a Regulation Crypto Assets proposal published by the SEC, a doubling of U.S. Treasury long-term government bond buybacks, and a closed-door meeting at the White House with executives from major cryptocurrency companies including Coinbase and Ripple. Institutional flows reversed with daily net inflows of $189.30 million into spot Bitcoin ETFs, including $223.1 million for BlackRock’s IBIT alone, bringing total assets under management to $79.30 billion, representing approximately 12% of Bitcoin’s total market capitalization. Technically, Bitcoin broke above the downtrend line from October and is holding above its 23-day and 50-day moving averages, confirming the trend reversal.
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