Morgan Stanley Boosts BTC Holdings Amid Growing Institutional Participation
The price of Bitcoin (BTC) hovered around $84k on Friday as Morgan Stanley continued to build its holdings in the cryptocurrency. The bank's latest purchases, which totalled about $193 million over three consecutive days, brought its total BTC holdings to nearly 9,218 coins, valued at around $775 million.
This buying spree is seen as a positive development for Bitcoin, as it indicates growing institutional participation in the market. Morgan Stanley's activity is happening alongside strong inflows into other U.S. spot Bitcoin ETFs, with recent sessions seeing around $1.1 billion in daily inflows into these funds.
The total crypto market capitalisation saw a slight increase of 0.49% to $2.87 trillion, with Bitcoin trading flat at $84K and Ethereum slightly down at $2,675. BTC transaction value has hovered above $36 billion over the last 24 hours as trading volume plunged 18% on the day.
JPMorgan analysts highlight that $85,000 is Bitcoin's average production cost, a crucial threshold for miner economics. Sustained prices above this level are necessary to ease financial strain on less efficient operations and support industry revenue.