Despite President Trump ratcheting up his trade war Wednesday, Bitcoin is holding steady. That comes even after U.S. equities and the dollar got hit hard over the last couple days.
The biggest digital coin’s price was recently at $82,876 per coin, CoinGecko shows. It’s effectively even over the last seven days while the S&P 500 just had its worst day since June 2020.
Experts told Decrypt that the asset had shown “impressive resilience” in the face of Trump’s so-called Liberation Day, with the asset and other top coins bouncing back Friday after falling alongside stocks on Thursday.
Some were even feeling more bullish, with crypto analysts predicting a $200,000 target by the end of the year.
ETF action
Bitcoin ETFs saw outflows four out of five days this week, though the negative action was partially offset by a big day of positive flows on Wednesday—perhaps as investors treated the Bitcoin funds as a store of value ahead of expected trouble.
Farside Investors data shows $165 million worth of outflows for the week. As Bitcoin is sitting nearly 24% below its January all-time high price of nearly $109,000, are investors seeing a buying opportunity?
Grayscale expands ETFs
They may well be—because more products are being released for U.S. investors: Crypto asset manager Grayscale said this week that two new products had started trading.
The Bitcoin Covered Call ETF (BTCC) and Grayscale Bitcoin Premium Income ETF (BPI) give investors exposure to Bitcoin’s price movements via covered call strategies that allow investors to buy equity shares they already own at a given price.
It didn’t stop there, either—the fund manager also filed with the SEC to convert its private Digital Large Cap Fund to an ETF. Along with Bitcoin, it also gives investors exposure to Ethereum, XRP, Solana, and Cardano.
Tether buys more
Stablecoin giant Tether said it had bought 8,888 Bitcoins in the first quarter of this year for around $735 million, bringing its total holding to 92,646 orange coins.
The company, which issues the prominent USDT token, has aggressively bought the asset after pledging back in May 2023 that it would allocate up to 15% of its net realized operating profits to stacking Bitcoin.
Bitcoin to the moon?
Despite markets getting a beating as traders try to figure out what President Trump’s aggressive economic policy will bring, Bitcoin isn’t budging. And those in the space are even predicting that it will soar way past $100,000 per coin again.
Bitcoin has a habit of doing the unexpected—will the asset continue to surprise investors?
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