Bitcoin (BTC) is trading near $105,310 on Friday, struggling to bounce back from a 3% weekly drop after profit-taking at a three-month high. But a game-changer from Cantor Fitzgerald may shift sentiment. A gold-backed Bitcoin fund is being launched, combining Bitcoin’s upside with gold’s stability for risk-averse investors and potentially increasing demand for BTC.
Cantor’s CEO, Brandon Lutnick, explained that the firm will achieve full participation in Bitcoin’s gains, with physical gold holdings to cushion against price drops. As gold is up 25% year-to-date, this may attract investors who have been hesitant to invest in crypto due to its volatility.
Cantor Fitzgerald has a long history in the crypto space, including managing Tether’s reserves, so this is a credible move.
Gold-backed protection with whole Bitcoin upside Crypto innovation with safe-haven assets Cantor’s strategy targets institutional investorsThe fund is launching soon and represents a new way for traditional investors to access crypto without the usual volatility. It’s coming at a time when crypto funds are surging and is a solution for diversification.
Institutional Moves Show Strong Bitcoin Confidence
While retail investors remain hesitant, institutions are fully committed to Bitcoin. This week alone, Strategy added 4,020 BTC worth $427 million, bringing their total to 580,250 BTC. GameStop bought 4,710 BTC after raising $1.3 billion in convertible notes and diversified its corporate treasury.
Japanese firm Metaplanet announced a $21 million bond dedicated to buying Bitcoin and increased their holdings to 7,800 BTC. These strategic purchases demonstrate strong confidence in Bitcoin’s long-term future, despite short-term price fluctuations.
Meanwhile, US spot Bitcoin ETFs saw $458.82 million in inflows this week and $5.85 billion in May inflows, the highest since last December and surpassing even the post-US election levels. This is Bitcoin becoming a core asset in portfolios.
$458.82 million ETF inflows show growing demand Corporate treasuries are increasing BTC allocations Institutional adoption is long-term confidenceTechnical Outlook: Bitcoin Slides Below Key Support
Technically, the BTC/USD pair is in a descending channel, and selling pressure remains persistent. Price is below the 50-period EMA ($107,531) and key support is at $104,683, with further downside targets at $103,395 and $102,168.
Momentum indicators are cautionary, the MACD histogram is fading, and the RSI is below neutral.
Bitcoin Price Chart – Source: TradingviewHowever, long lower wicks at support suggest buyer defense, but there is no follow-through. A break above $107,531, accompanied by bullish engulfing candles or three white soldiers, could lead to $108,221-$109,589. A break below $104,683 with a shooting star or three black crows could be $103,395 or lower.
BTC/USD testing key support at $105,000 Descending channel signals an ongoing bearish bias Momentum indicators flashing mixed signalsBest Wallet ($BEST): The Future of Crypto Storage and Access
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Key features include an Upcoming Tokens page that allows users to buy presale tokens directly within the app, without the need to connect wallets to potentially risky sites.
This seamless integration enables users to track token growth within their portfolio, all while benefiting from Fireblocks-backed security and a no-KYC sign-up process.
The $BEST Token isn’t just a utility; it’s a game-changer. It unlocks reduced transaction fees, higher staking yields, and exclusive early access to projects. Holders even receive governance rights, shaping the future direction of the Best Wallet ecosystem.
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With over $12.85 million raised in its presale and tokens priced at $0.025105, now is the time to act. Secure your $BEST allocation before the next price jump, and gain early access to a wallet that’s redefining how crypto enthusiasts and investors interact with digital assets.
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