Bitcoin trades near $68K on Presidents Day as macro week looms
Bitcoin holds near $68K ahead of key PCE data as Harvard trims its Bitcoin ETF stake and opens its first Ethereum position.
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Bitcoin is drifting near $68K with traders bracing for a heavy macro week and expecting muted volatility on Presidents’ Day as US equity markets remain closed. After briefly touching $70K over the weekend, BTC has slipped slightly but remains range-bound. The real focus now shifts to upcoming PCE data and Fed minutes, both of which could reshape rate-cut expectations. For now, CME pricing still shows just two cuts this year.
Meanwhile, Harvard just rebalanced its crypto exposure. The endowment trimmed more than 20% of its Bitcoin ETF stake while opening its first-ever position in an Ethereum ETF. The move signals a portfolio rotation rather than a retreat, though critics are already questioning the endowment’s crypto strategy.
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Bitcoin trades near $68K ahead of PCE and Fed minutes
Bitcoin is hovering near $68K after slipping from the $70K level reached over the weekend. With US markets closed for Presidents Day, traders expect subdued volatility and thinner liquidity. Attention now turns to key macro catalysts this week, including the Fed’s preferred inflation gauge, PCE, and the release of Fed meeting minutes.
Markets will assess both month-over-month momentum and year-over-year trends for clues on the policy path. CME FedWatch continues to price in just two rate cuts for the year. ETH slipped below $2K, SOL traded near $84, and XRP hovered around $1.50 as the broader crypto market remained mixed.
Harvard cuts IBIT exposure by 20%, adds Ethereum
Harvard Management Company reduced its exposure to BlackRock’s iShares Bitcoin Trust by roughly 1.48 million shares during Q4, cutting its stake to 5.35 million shares valued at $265.8 million. At the same time, the endowment opened a new $86.8 million position in BlackRock’s iShares Ethereum Trust, marking its first disclosed ETH allocation. Despite the reduction, Bitcoin remains Harvard’s largest publicly disclosed holding, exceeding its positions in Alphabet, Microsoft, and Amazon.
The shift came during a volatile quarter in which BTC fell from $126K to $88K and ETH dropped roughly 28%. Critics have questioned the strategy, with some finance professors calling Bitcoin “risky” and citing valuation uncertainty around digital assets.
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