The US Marshal Service moved BTC to a prime wallet on Coinbase this week. This means they are selling the BTC seized from Silk Road operations. Institutions are buying as retail money is not yet flowing into the crypto market.
AI stocks are recovering, but there could be more downside before the next leg up. There seems to be a correlation with the unwinding USDJPY carry trade and the AI stock valuations. A large investment bank suggested the unwinding is 75% done. This is meaningful as BTC behaves like a tech stock and it dominates the crypto market (~55%). AI is also one of the leading narratives in the crypto market.
Overall, markets are pricing in 4 rate cuts in 2024. This means stocks will be going up, but leadership may not be in the older tech stocks. On Monday last week, the DOJ defined Google a monopolist.
Naturally insitutional investors prefer to purchase at lower prices, so uncertainty remains and there is a possibility for a dip into the 45k range on BTC.