Market context
Bank of America's first-quarter 13F showed the lender lifted its BlackRock iShares Bitcoin Trust (IBIT) position to roughly $37 million, with 972,590 shares now accounting for close to 70% of its crypto investment book, per NewsBTC's read of the filing. Ethereum and Solana exposures were trimmed at the same time. The bank also carries about $660 million in MicroStrategy, giving it a second layer of indirect Bitcoin exposure through Michael Saylor's treasury vehicle.
The repositioning is not isolated. Morgan Stanley's spot crypto ETF book has crossed $1 billion, per the same report. Goldman Sachs holds IBIT and Fidelity's FBTC. JPMorgan added crypto exposure during the quarter despite Jamie Dimon's well-known position on the asset. Across Wall Street, the regulated wrapper is doing the work the underlying coin used to do.
Macro is the offset. U.S. equities have closed lower for a third consecutive session and risk appetite is thin ahead of a busy U.S. data week that includes more inflation prints, per CryptoPotato. Canaan and other miners are reporting Q1 losses tied to weaker realized prices, a reminder that the mining cohort is the most levered short BTC volatility trade in the listed universe.
The piece worth holding in your head: institutions are buying the wrapper while macro tightens the screw on spot.
Technical setup
BTC printed a base above $75,000 last week and recovered above the 100-hour simple moving average, currently sitting near $76,500. The immediate resistance shelf runs $77,050 to $77,450, the latter matching the 83.2% Fib retracement of the $78,100 to $74,209 leg, per NewsBTC's hourly read. A clean hourly close above $77,450 opens $78,000 and then $79,000, with $81,500 the next genuine supply pocket.