BTC Reclaims $85k As Bullish Firms Go Shopping

The leading digital asset continued its ascent as companies such as stablecoin behemoth Tether revealed billions worth of BTC on the books.

Leading cryptocurrency bitcoin continued its ascent on Monday as companies such as stablecoin behemoth Tether revealed billions worth of BTC on the books.

BTC Reclaims $85k As Bullish Firms Go Shopping

World’s largest stablecoin firm revealed on April 1 that it had acquired 8,888 BTC during the first quarter of 2025 and now holds nearly $8 billion worth of bitcoin. On the same day, Japanese bitcoin treasury firm Metaplanet announced a 696 BTC purchase, signaling to markets that institutional interest in the cryptocurrency is only increasing.

At the time of press, bitcoin traded at $85,240.06, marking a 2.01% increase since yesterday, although it remains down 2.86% over the past week. The digital asset traded within a 24-hour range of $82,263.41 to $85,487.37, while its 24-hour trading volume climbed to $27.45 billion, up 0.37%.

Market capitalization for bitcoin now stands at $1.69 trillion, up 2.22% from the previous day, reflecting renewed investor interest. Despite this, bitcoin’s dominance dipped slightly, resting at 62.37%, a minor decline of 0.09% over 24 hours. Meanwhile, total BTC futures open interest reached $55.38 billion, showing a 3.03% increase as traders maintained leveraged positions ahead of key market moves.

Liquidation data from Coinglass revealed that over the past 24 hours, bitcoin saw $25.64 million in total liquidations. Notably, long liquidations amounted to just $443,490, while short liquidations were significantly higher at $25.19 million, suggesting that bearish traders largely bet in the wrong direction.

Institutions Continue BTC Buying Frenzy

Stablecoin giant Tether, announced on April 1 that it purchased a total of 8,888 BTC during the first quarter of 2025, bringing its overall bitcoin holdings to $7.8 billion.

Japanese bitcoin treasury firm Metaplanet, which recently announced a $13.3 million (¥2 billion) bond issuance, has purchased 696 additional bitcoin bringing its total holdings to 4,046 BTC, according to an X post from the company on April 1.

The purchases demonstrate continued institutional interest in the digital asset which contributes to bitcoin’s long-term price stability.

Market Outlook

Looking ahead, market participants are keeping a close watch on institutional moves and overall trading sentiment. With robust backing from major players like Tether and Metaplanet, bitcoin’s fundamentals appear solid. However, ongoing bearish liquidation pressures and market volatility mean that short-term price movements could remain choppy.

For now, analysts suggest that bitcoin could test the mid-$80K levels further, but strong institutional support may help push it toward the low $90K range in the coming weeks.