Bitcoin at $90k: Whales go all-in while altcoins lose ground

The cryptocurrency market once again resembles a high-stakes casino, and the focus is on its main asset. Bitcoin is not just back, but confidently broke through the $90,000 mark, continuing its growth. While some players bet on slots with a progressive jackpot, others invest in BTC, seeing it as the main prize. Let's figure out why big money is back in the game and what to expect next.

Dominance of the main asset: why do investors choose Bitcoin?

In the first quarter, Bitcoin's market dominance reached 64%, a record since 2021. While BTC shows enviable stability, many other cryptocurrencies, or altcoins, are struggling. For example, the CoinDesk 80 index, which tracks leading altcoins, fell by 46.4%. Even Ethereum, considered by many to be the main competitor, lost almost half of its market share, dropping from 13% to 7%.

This is similar to the situation in a casino, where all eyes are on the table with the highest stakes, while the rest of the games remain in the shadows. Investors clearly prefer to move from risky bets on little-known assets to more reliable and proven options such as Bitcoin.

"Whales" are betting: institutional investors are in the game

The main reason for such an impressive growth of BTC was the arrival of large institutional investors. After the approval of spot bitcoin ETFs in the United States in January 2024, large hedge funds such as Millennium Management and Brevan Howard began to actively buy the asset. These "whales" of the market, usually conservative in their strategies, significantly increased their investments, which raised the capitalization of bitcoin to $1.8 trillion.

They continue to build up their positions. For example, the Abu Dhabi-based sovereign wealth fund Mubadala has increased its investment in the iShares Bitcoin Trust to more than $400 million.

Guides

What are mBTC, mETH, μBTC, mLTC and why do casinos complicate our lives in general?

Linked materials

Government Support: Building the U.S. Strategic Reserve

Additional confidence in the market was given by an unexpected move from the United States. In March, a decree was signed on the creation of the Strategic Reserve of Bitcoin. This reserve is formed at the expense of cryptocurrency confiscated as a result of enforcement actions, that is, without costs for taxpayers.

With this decision, the U.S. became the largest government holder of Bitcoin, owning more than 200,000 BTC worth about $21 billion. When the state makes such a large bet, it is a signal to the entire market about the seriousness of intentions.

Predictions and future jackpots

What does the future hold for Bitcoin? The forecasts are the most optimistic, and this fuels the excitement.

• $200,000 Prediction: Former White House communications director Anthony Scaramucci has predicted that the price of BTC could reach $200,000 by the end of 2025. He attributes this to the growing demand for ETFs and the global adoption of cryptocurrency.
• Capital inflows: In just one week, spot bitcoin ETFs raised $603.74 million, and the total inflows since the beginning of the year exceeded $6 billion.

Bitcoin has long been called "digital gold", albeit significantly more volatile. While the big players are betting on its growth, you have time to think about your strategy. Perhaps, while you are waiting for a new record from BTC, it is worth trying your luck in a good casino on slots with no less winning potential. In any case, the game is getting more and more interesting, and we will continue to monitor it