Bitcoin Slides to $85K Despite $3B GameStop Buzz & BlackRock’s ETF Launch

Bitcoin’s price dipped to $85,000 even as BlackRock expanded its global Bitcoin footprint with the launch of its iShares Bitcoin ETP across Europe on March 25. Now trading on Xetra, Euronext Amsterdam, and Euronext Paris, the move reflects rising institutional interest beyond U.S. markets.

Although inflows are expected to trail U.S.-based ETFs, analysts say BlackRock’s $11.6 trillion asset footprint lends significant credibility to the European offering. Bitfinex analysts note that increasing regulatory clarity could unlock greater institutional allocation over time.

Key takeaways:

• BlackRock’s European Bitcoin ETP is now live on three major exchanges
• Analysts expect gradual adoption, citing regulatory uncertainty
• BlackRock’s global footprint could pave the way for broader ETF exposure

This launch reinforces Bitcoin’s long-term position as an institutional asset, even if short-term price impact remains muted.

GameStop’s Bitcoin Play Fuels Corporate Adoption Buzz

GameStop’s investment policy now permits Bitcoin holdings, and the firm is exploring a $1.3 billion convertible bond issuance—possibly to fund BTC purchases. MicroStrategy co-founder Michael Saylor stoked conversation by polling followers on how much BTC GameStop should acquire.

Of the 69,000 votes, 47% favored a $3 billion allocation.

Meanwhile, MicroStrategy continues adding to its holdings, acquiring 6,911 BTC on March 24 for $584 million, raising its total stash to 506,137 BTC.

• GameStop’s potential BTC buy adds to the institutional use case
• Saylor’s $3B suggestion received strong public support
• Bitcoin remains central to corporate treasury strategies

Despite GameStop shares dropping over 20% on the news, interest in BTC among corporates continues to expand.

Crypto.com Cleared as SEC Softens Industry Approac

In a notable shift, the U.S. Securities and Exchange Commission closed its investigation into Crypto.com without pursuing enforcement. CEO Kris Marszalek confirmed the case—originally flagged by a Wells notice in August 2023—had been dropped.

This follows similar moves regarding Coinbase, Uniswap, and Consensys. Under new leadership, the SEC appears to be recalibrating its crypto policy approach.

• Crypto.com clears SEC probe, joining other resolved cases
• SEC’s evolving stance may ease investor concerns
• Pro-crypto tone from regulators could bolster institutional flows

This regulatory thaw could prove pivotal for Bitcoin’s next growth cycle, as investors see reduced legal headwinds.

Bitcoin Price Outlook: Bearish Break Risks Deeper Losses

Technically, Bitcoin is trading at $85,040 after breaching key support at $86,500 and dipping below its 50-period EMA. The rejection of $88,800 as resistance confirms a shift in sentiment.

The RSI has fallen to 32, approaching oversold levels. However, without a strong reclaim of the $86,500 mark, downside targets at $84,800, $83,200, and $81,100 remain in play.

Short-term momentum favors sellers, but any macro catalyst—be it from the Fed, SEC, or institutional inflows—could flip the structure in bulls’ favor. For now, traders remain cautious.

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