Bitcoin Surges Above $73,700, Breaking 50‑Day Average
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- Bitcoin rose over 3% to $73,700 in 24 hours, trading above its 50‑day moving average of $71,125.
- Alex Kuptsikevich (senior market analyst at FxPro) said the break above the 50‑day average signals a possible turning point in the medium‑term trend.
- Market makers hold net short gamma positions worth billions near the $75,000 level, which adds to price swings as prices approach that mark.
- BlackRock’s iShares Bitcoin Trust (IBIT) now captures the majority of new inflows into U.S. spot bitcoin ETFs, sidelining smaller funds.
- Fidelity’s Wise Origin Bitcoin Fund (FBTC) also dominates spot bitcoin ETF inflows, further consolidating market share among the largest players.
- Early January breakout produced an 8% price rise but lasted only two weeks before selling resumed, indicating mixed results for such breakouts.
Why it matters: Institutional investors in BlackRock’s IBIT and Fidelity’s FBTC gain liquidity and market share as they absorb most new spot‑bitcoin‑ETF money, while smaller funds lose inflows; market‑maker short‑gamma exposure near $75k adds to price swings, affecting traders seeking stability.
