BlackRock and Galaxy Asset Management signal bullish Bitcoin outlook

Major financial institutions are signaling renewed confidence in Bitcoin. BlackRock has increased its exposure with a $151.46 million purchase as of October 28, marking a significant net inflow for its Bitcoin ETF following a period of market volatility. This move coincides with Bitcoin reclaiming local highs near the $81,000 mark.

Simultaneously, Galaxy Asset Management has indicated that Bitcoin may have reached its bottom. Alex Thorn, head of firmwide research at Galaxy, noted that Bitcoin recently closed above its 50-week moving average after remaining below it for more than 20 consecutive weeks. Historical data suggests that in previous cycles, Bitcoin has not dropped more than 8.4% below this level within the year following a reclaim, suggesting a potential accumulation phase.