Amidst a recent decline in Bitcoin's value, the Michigan Pension Fund has significantly increased its investment in Bitcoin ETF, indicating strong institutional interest in cryptocurrency.
Current Bitcoin Price
Currently, Bitcoin is trading around $114,970, down 0.05% from the previous day and 2.4% over the past week. Bitcoin continues to consolidate below its peak of $123,100 reached on July 14.
Increase in Institutional Investments
The State of Michigan Retirement System has tripled its investment in ARK 21Shares Bitcoin ETF, reflecting the increasing adoption of Bitcoin as part of pension and institutional portfolios.
Market Outlook
Bitcoin is currently holding above the key support zone of $112,000–$113,000. Resistance lies at $120,000–$123,000, with potential gains towards $125,000–$130,000 if macroeconomic sentiment improves. A drop below $112,000 could trigger corrections towards $105,000–$103,000.
The Michigan Pension Fund's investments in Bitcoin ETF reflect a growing institutional interest in cryptocurrencies, while the market continues to monitor price dynamics and macroeconomic factors.
