Whales and large institutions continue their aggressive Bitcoin accumulation

Whales and large institutions continue their aggressive Bitcoin accumulation, with Strategy hinting at another Bitcoin investment that may be announced on Monday.

The price of Bitcoin (BTC) traded in a narrow range on Thursday, remaining above the $94,000 mark despite macroeconomic uncertainty and a potential pivot by the Federal Reserve.

Bitcoin is likely to continue its recovery towards the $100,000 psychological level if macroeconomic conditions improve, potentially setting the stage for further gains.

The world’s leading cryptocurrency is currently changing hands at around $94,100.

Bitcoin price analysis: BTC stalls despite Trump's comments and Fed rumors

The price of Bitcoin has stalled in a small trading range despite former U.S. President Donald Trump’s comments about China and rumors of a Fed pivot.

Trump confirmed in an interview published on Thursday that discussions with China were ongoing, with Beijing offering exemptions on select U.S. imports, suggesting a softening tone. Still, markets are awaiting tangible action before re-rating global risk.

Meanwhile, rumors swirled throughout Wednesday about a potential pivot by the Federal Reserve, with some economists and analysts suggesting that the central bank could be nearing an endpoint for its interest rate hikes. However, the Fed officials themselves remained mum on the matter.

The macroeconomic conditions are expected to have a significant impact on Bitcoin's price trajectory. As the cryptocurrency is often used as an inflation hedge, any signs of easing price pressures or a shift in monetary policy could influence investor demand for Bitcoin.

Bitcoin price still up 12% in a week

Despite the recent price declines from the March highs of $107,000, Bitcoin has managed to gain more than 12% over the past week.

The cryptocurrency is up 93% year-to-date, and its recent recovery comes amid a broader market downturn that saw major crypto exchange Huobi halt operations in China and crypto hedge fund Three Arrows Capital go bankrupt last year.

The recent recovery in the cryptocurrency market may be attributed to several factors, including aggressive buying activity by whales, large bitcoin investors who are known for their significant holdings.

According to data from Glassnode, whale wallets holding at least $1 million in Bitcoin have been steadily accumulating since the beginning of April, increasing from 124,000 wallets on April 7 to over 137,600 wallets on April 26.

The build-up in bitcoin price may also be linked to the record inflows into exchange-traded funds, or ETFs, that invest in the cryptocurrency.

According to data from FinTech firm Farside Investors, U.S. spot bitcoin ETFs saw a massive $3 billion in cumulative net inflows over the past week. This marks the second-highest week of investments since the launch of these ETFs.