Bitcoin Breaks $68k Barrier as Whales Resume Buying

Bitcoin has broken above $68,000 for the first time since June, driven by renewed buying from large holders and lower Treasury yields.

The cryptocurrency rose about 5% in 24 hours to trade at $68,458 on CoinGecko, according to data. This is a significant milestone after months of weakness, during which Bitcoin fell roughly 50% from its October record of $126,200.

Data from CryptoQuant suggests that large holders have started buying again, accumulating about 43,000 tokens over the past 60 days worth approximately $2.75 billion at current prices.

BlackRock's recent report described Bitcoin's decline as a 'positioning correction rather than a change in its investment case.' The asset manager expects Bitcoin's correlation with traditional risk assets to decline as speculative excess is removed from the market.