Bitcoin's recent rally has taken a breather, with prices dipping 1.2% to $102,004 amid signs of profit-taking by long-term holders. Despite the pullback, BTC remains 20% up over the past month and within striking distance of its January all-time high of $109,000. CryptoQuant analyst Carmelo Alemán points to a spike in the Spent Output Profit Ratio (SOPR) since March 12, indicating increased selling pressure from investors locking in gains. This development raises questions about whether Bitcoin's upward trajectory will resume or if further consolidation is ahead.
Bitcoin Rally Stalls as SOPR Spikes: Analyst Explains What It Means
Bitcoin's upward momentum has paused after a sustained rally, with prices retracing modestly to $102,004—a 1.2% dip in 24 hours. Despite the pullback, BTC remains 20% higher over the past month and just 6.4% below its January all-time high of $109,000.
CryptoQuant analyst Carmelo Alemán highlights a surge in the Spent Output Profit Ratio (SOPR) for long-term holders since March 12, signaling increased profit-taking. This distribution trend among seasoned investors may explain the recent cooling of bullish momentum.
South Korea’s Pension Fund Explores Direct Bitcoin Investment
South Korea's National Pension Service (NPS), overseeing $800 billion in assets, is weighing direct Bitcoin investments—a move propelled by legislative reforms and bipartisan political support. Recent amendments now permit public pension funds to allocate capital to cryptocurrencies, marking a pivotal shift in institutional adoption.
Presidential candidates from both major parties have endorsed digital asset integration. Lee Jae-myung of the Democratic Party has pledged to approve spot bitcoin ETFs if elected, framing crypto as a generational investment opportunity. "Secure exposure for younger demographics" remains a recurring theme in policy discussions.
The NPS currently maintains indirect crypto holdings through equity positions in MicroStrategy and Coinbase. This exploratory phase signals growing institutional conviction, with potential ramifications for Asian market liquidity and regulatory frameworks.
MicroStrategy Effect Spreads Worldwide as TradFi Companies Build Bitcoin (BTC) War Chests
Following Michael Saylor's lead, firms across Brazil, the Middle East, and Asia are increasingly adopting Bitcoin as a reserve asset. Brazilian fintech Méliuz has become the country's first company to allocate BTC to its treasury, acquiring 274.52 BTC for $28.4 million at an average price of $103,604 per coin. The firm now holds 320.2 BTC worth $33.3 million, achieving a 600% yield on its initial purchases.
The MOVE signals a broader trend of traditional finance (TradFi) capital flowing into crypto markets. Méliuz's chairman Israel Salmen called it a "historic day" as shareholders approved the transformation into Brazil's first Bitcoin treasury company. Earlier this year, the firm purchased 45.72 BTC for $4.1 million at $90,296 per coin, demonstrating accelerating institutional accumulation.
Bitcoin ETF Rotation Accelerates as Institutional Investors Reposition
Bitcoin surged to $103,790 amid a major reshuffling of institutional ETF holdings. Recent SEC filings reveal hedge funds are trimming exposure—Brevan Howard slashed iShares Bitcoin Trust positions by 15.6%, while Millennium Management exited Invesco Galaxy ETF entirely after a 41% reduction.
New capital is entering the space despite the pullback. Brown University made its maiden crypto investment with a $4.9 million ETF stake, and Abu Dhabi's Mubadala boosted its holdings to $409 million. The State of Wisconsin Investment Board became a notable seller, liquidating its entire $6 million position in BlackRock's iShares product.
Bitcoin Consolidates Near $100K as Analysts Eye Next Breakout
Bitcoin's rally pauses after reclaiming the $100,000 threshold, with technical indicators suggesting a potential two-week consolidation phase. The cryptocurrency now tests recently recovered support levels, trading just 4.4% below its January all-time high of $105,819.
Market observers note BTC has re-entered its post-US elections trading range between $92,000 and $106,000. The current sideways movement follows a 23% monthly gain from February's $84,000 lows, with the upper boundary of the range acting as immediate resistance.
US States Amplify Bitcoin Exposure with $632 Million MicroStrategy Bet in Q1 2025
State governments are accelerating their indirect Bitcoin holdings through MicroStrategy (MSTR), deploying $632 million in Q1 2025—a 91.5% surge from the prior quarter's $330 million. Julian Fahrer of Bitcoin Laws flagged the strategic pivot on X, noting a $302 million quarterly influx with average portfolio growth of 44%.
California leads the institutional charge, anchoring $276 million across two pension titans: CalSTRS and CalPERS. The teachers' fund alone holds 336,936 MSTR shares, marking an 18% expansion. This coordinated accumulation underscores deepening public-sector conviction in Bitcoin's store-of-value thesis, with pension funds serving as proxy vessels for BTC exposure.
