In the previous issue, we mentioned that the Strategic Bitcoin Reserve (SBR) was launched and that Bitcoin (BTC) hit bottom in April and was back on an upward trajectory. The SBR is intended to induce follow-up buying from state governments, foreign exchange reserves of various countries, institutional investors, and corporate finances.
In fact, Bitcoin, which rebounded at $74,000 on April 9, recorded $112,000 on May 22, breaking its all-time high from January. It has risen by more than 50% in a month and a half. The direct cause of this rebound is improved supply and demand. ETF flows flowed out $5 billion in the two months from February 10 to April 9, but turned to inflows of $10 billion in just over a month from April 21 to May 27.