CNB Weighs $7B Bitcoin Purchase While China Offloads $20B
The Czech National Bank (CNB) is considering Bitcoin as part
of its reserve diversification strategy, while China has reportedly sold a
significant portion of its holdings. The CNB board is set to review the
proposal at a meeting on January 30, according to the Financial Times.
Meanwhile, China is believed to have sold nearly $20 billion worth of Bitcoin
linked to the PlusToken Ponzi scheme.
The BTCUSD H1 chart showed a bullish move after finding
support but faced rejection at an intraday resistance level. A breakout above
the resistance could lead to a bullish day.
If approved, CNB’s Bitcoin investment could exceed $7.3
billion. This estimate is based on the bank’s total reserves of more than $146
billion, according to André Dragosch, head of research at Bitwise. He noted
that such a purchase would represent approximately 5.3 months of newly mined
Bitcoin supply.
Czech National Bank May Allocate Up to 5% of Reserves to Bitcoin as Part of Diversification Strategy, Potentially Acquiring BTC Worth Around $7.3 Billion
—————
💰Coin:
BTC ( $BTC ) $102,719.10
—————
NFA. pic.twitter.com/lnX44WiIyH— COINOTAG NEWS (@coinotagen) January 29, 2025
Earlier in January, CNB board adviser Janis Aliapulios told
Cointelegraph that the bank was not considering Bitcoin investments at the
time. Instead, the bank planned to increase its gold holdings to 5% of total
assets by 2028. However, Governor Aleš Michl has since indicated that Bitcoin
is now under review as a potential reserve asset, though further analysis is
required before a decision is made.
BTCUSD, H1 Chart, Source: TradingView
BTCUSD Seeks Support After Resistance Rejection
BTCUSD found support at 100250 and formed a bullish candle
on the H1 chart. The price then moved upward with strong momentum. However, the
103000 level has been acting as resistance. As of now, after a rejection, the
price is looking for intraday support. A bullish breakout above the resistance
could attract more buyers, pushing the price higher.
DeepSeek
AI has outlined three potential scenarios for Bitcoin in 2025, as reported
by Finance Magnates. In the base
case, Bitcoin could trade between $100,000 and $150,000. A bullish
“hyperbitcoinization” phase may push the price to $350,000, while a
black swan scenario suggests a peak of $500,000. These projections reflect
expectations of increased institutional adoption and blockchain’s broader
acceptance in finance.
The Chinese government has likely sold its nearly $20 billion worth of Bitcoin holdings.
China is making its position clear as it stockpiles gold.
The Western world is asleep to this fact pic.twitter.com/FCPxVL0EY2
— Dedy Sudarwanto (@dedygober) January 28, 2025
China Liquidates Bitcoin, BlackRock Increases Holdings
China’s reported Bitcoin sales stem from assets seized in
2019 from the PlusToken scheme, which defrauded investors of billions.
CryptoQuant CEO Ki Young Ju suggested that around 194,000 BTC was gradually
liquidated through exchanges such as Huobi. While Chinese authorities
previously stated that the seized funds were transferred to the national
treasury, they did not confirm whether they were sold or retained.
BlackRock, the world’s largest asset manager, has been
accumulating Bitcoin, purchasing the asset for five consecutive trading days.
The firm’s largest acquisition of the year occurred on January 21, when it
bought $600 million worth of Bitcoin, according to Arkham Intelligence.
Institutional demand has helped offset selling pressure from China’s reported
liquidations.
The Czech National Bank (CNB) is considering Bitcoin as part
of its reserve diversification strategy, while China has reportedly sold a
significant portion of its holdings. The CNB board is set to review the
proposal at a meeting on January 30, according to the Financial Times.
Meanwhile, China is believed to have sold nearly $20 billion worth of Bitcoin
linked to the PlusToken Ponzi scheme.
The BTCUSD H1 chart showed a bullish move after finding
support but faced rejection at an intraday resistance level. A breakout above
the resistance could lead to a bullish day.
If approved, CNB’s Bitcoin investment could exceed $7.3
billion. This estimate is based on the bank’s total reserves of more than $146
billion, according to André Dragosch, head of research at Bitwise. He noted
that such a purchase would represent approximately 5.3 months of newly mined
Bitcoin supply.
Czech National Bank May Allocate Up to 5% of Reserves to Bitcoin as Part of Diversification Strategy, Potentially Acquiring BTC Worth Around $7.3 Billion
—————
💰Coin:
BTC ( $BTC ) $102,719.10
—————
NFA. pic.twitter.com/lnX44WiIyH— COINOTAG NEWS (@coinotagen) January 29, 2025
Earlier in January, CNB board adviser Janis Aliapulios told
Cointelegraph that the bank was not considering Bitcoin investments at the
time. Instead, the bank planned to increase its gold holdings to 5% of total
assets by 2028. However, Governor Aleš Michl has since indicated that Bitcoin
is now under review as a potential reserve asset, though further analysis is
required before a decision is made.
BTCUSD, H1 Chart, Source: TradingView
BTCUSD Seeks Support After Resistance Rejection
BTCUSD found support at 100250 and formed a bullish candle
on the H1 chart. The price then moved upward with strong momentum. However, the
103000 level has been acting as resistance. As of now, after a rejection, the
price is looking for intraday support. A bullish breakout above the resistance
could attract more buyers, pushing the price higher.
DeepSeek
AI has outlined three potential scenarios for Bitcoin in 2025, as reported
by Finance Magnates. In the base
case, Bitcoin could trade between $100,000 and $150,000. A bullish
“hyperbitcoinization” phase may push the price to $350,000, while a
black swan scenario suggests a peak of $500,000. These projections reflect
expectations of increased institutional adoption and blockchain’s broader
acceptance in finance.
The Chinese government has likely sold its nearly $20 billion worth of Bitcoin holdings.
China is making its position clear as it stockpiles gold.
The Western world is asleep to this fact pic.twitter.com/FCPxVL0EY2
— Dedy Sudarwanto (@dedygober) January 28, 2025
China Liquidates Bitcoin, BlackRock Increases Holdings
China’s reported Bitcoin sales stem from assets seized in
2019 from the PlusToken scheme, which defrauded investors of billions.
CryptoQuant CEO Ki Young Ju suggested that around 194,000 BTC was gradually
liquidated through exchanges such as Huobi. While Chinese authorities
previously stated that the seized funds were transferred to the national
treasury, they did not confirm whether they were sold or retained.
BlackRock, the world’s largest asset manager, has been
accumulating Bitcoin, purchasing the asset for five consecutive trading days.
The firm’s largest acquisition of the year occurred on January 21, when it
bought $600 million worth of Bitcoin, according to Arkham Intelligence.
Institutional demand has helped offset selling pressure from China’s reported
liquidations.
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