Can Morgan Stanley’s $104 mln Bitcoin buy help BTC reclaim $80K?

With Bitcoin holding above $70k for almost a month, investors, both whales and institutions, are becoming increasingly optimistic. 

As a result, these players have increased their accumulation. For starters, Onchain Lens reported that a newly created wallet withdrew 1,051 BTC, worth $82.37 million, from Binance. 

This whale purchased Bitcoin [BTC] and moved it into private custody, signaling an intention to hold for the long term.

Such market behavior signaled conviction, as the whale perceived the market as still undervaluing BTC and believed further gains were likely. 

On top of that, Morgan Stanley has continued with its buying spree. According to Onchain Lens, the bank purchased 286.7 BTC for $22.48 million. With the recent purchase, Morgan Stanley’s BTC holdings climbed to 2620 BTC worth $204.7 million. 

Morgan Stanley’s continued accumulation shows growing trust and confidence in the digital asset from Wall Street. In total, these two entities purchased 1337.7 BTC worth approximately $104.85 million. 

Institutions are aggressively accumulating BTC

In addition to Morgan Stanley, which is actively involved, U.S. investors across the board are piling in. In fact, the Coinbase Premium Index, after being negative for four consecutive days, turned positive again. 

At press time, the metric sat around 0.003, while the Premium Gap was 2.9. At these levels, this metric suggests that U.S. investors have started buying once again. 

Capital flowing into U.S. spot ETFs confirms this market shift. According to data from SoSoValue, net inflows into BTC Spot ETFs climbed to $629.7 million. 

This jump represented an increase of over $600 million from the previous day, signaling a massive shift in institutional sentiment. Since the approval of ETFs in 2024, markets have rallied when institutions deploy significant capital. 

Can the demand boost BTC to break the $80k resistance?

Bitcoin has traded within an ascending channel over the past month, with minor pullbacks along the way. Amid strong upside momentum, large entities have increased capital deployment.

In doing so, the upside has strengthened even further. With demand-side activity recovering, Bitcoin’s daily Relative Strength Index (RSI) rose from 53 to 60, strongly edging into the bullish zone.

However, the signal lines also hold at roughly the same level, suggesting bulls have yet to take control, while sellers show the same level of determination.

The RSI setup suggests that the market’s next move hangs in the balance. Thus, if institutions hold on, the market could see more gains.

In fact, the Future Grand Trend Indicator suggests a potential jump above $80k. Despite prevailing market conditions, BTC has failed to flip $80k and is repeatedly retracing to $79k.

But now, based on this indicator, BTC could flip $80k, hit $81,300 by the end of the first week of May, and then drop back to $78k.

Final Summary

• Morgan Stanley purchased 286.7 BTC for $22.48 million, while a whale bought 1,051 BTC, worth $82.37 million. 
• U.S. institutional investors have increased Bitcoin accumulation, with net inflows into spot ETFs rising to $629 million.