Bitcoin Stalls as Morgan Stanley Increases Its BTC Exposure
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Multinational financial services provider Morgan Stanley has increased its Bitcoin (BTC) exposure through Grayscale’s Bitcoin Trust (GBTC), according to a recent SEC document.
As of last month, Morgan Stanley’s Insight Fund held 928,051 GBTC shares. However, a recent filing with the United States Securities and Exchange Commission (SEC) shows that the behemoth financial institution purchased an additional 58,116 GBTC shares at the end of July.
Data reveals that the shares sold for about $34.5 per unit (at the time of purchase), meaning that the firm has broken even on its latest investment.
This development comes after the Head of Counterpoint Global at Morgan Stanley Dennis Lynch asserted that BTC is anti-fragile.
The Morgan Stanley executive added that he sees the asset resisting market disorders and excel, regardless of whether others fail. Drawing comparisons between BTC and iconic TV character from comedy show South Park, Kenny, Lynch noted that:
“I like to say that Bitcoin is kind of like Kenny from South Park, you know, the guy dies every episode, and he’s back again. Owning a little bit of something where things can go right, but also knowing that there are some things that can go wrong is not unreasonable when you have a world that has such disruption occurring, and where these upside scenarios wind up being so large.”
Key Bitcoin Levels to Watch — September 28
BTC remains in a pass-and-play momentum between the $45K level and the $41K level from a broader perspective as trading volume thins out. Regardless, the price appears to be following an ascending trendline as we continue to record higher lows.
That said, we expect a bounce towards the $43K and higher in the near term amid heavy dip-buying at the $41K – $40K area.
Meanwhile, our resistance levels are at $42,000, $43,000, and $44,000, and our key support levels are at $41,000, $40,500, and $40,000.
Total Market Capitalization: $1.86 trillion
Bitcoin Market Capitalization: $785.8 billion
Bitcoin Dominance: 42.2%
Market Rank: #1
