Institutions Buy Dip as Bitcoin Hits $63K; Senate Debates Clarity
Institutional buyers added bitcoin and ether as bitcoin rose above $63,000 Monday and the Senate opened floor debate on the Clarity Act.
On Monday institutional buyers stepped in and bitcoin climbed above $63,000, pushing the total crypto market capitalization to about $2.19 trillion on June 8. Data showed Strategy purchased 1,550 BTC for roughly $101 million while bitcoin traded between $63,400 and $63,600, about 3% higher on the day after a brief fall into the $59,100–$61,000 range. Bitmine acquired 126,971 ETH last week. Ethereum traded near $1,688, up about 4.35% for the day. The Fear & Greed Index stood at 16, in “Extreme Fear.”
The Clarity Act entered Senate floor debate Monday. The bipartisan bill seeks to define market structure and oversight frameworks for digital commodities. Lawmakers have also moved separate proposals to ease bank capital requirements for crypto holdings and advanced work on stablecoin legislation under the GENIUS Act.
U.S. equity futures opened higher Monday, with the Nasdaq up roughly 1.1% to 1.4% after a steep drop on Friday tied to a May jobs report that showed 172,000 positions added versus an 85,000 consensus. The U.S. Dollar Index pulled back to about 99.90–100.0. Traders are watching the Consumer Price Index release scheduled for June 10 and continued exchange-traded fund flow data.
Nvidia CEO Jensen Huang called the recent tech selloff a buying opportunity: “We’re at the beginning of it, and whatever happened to the stock market, you should be very happy because now you can buy at a discount.” Intel shares rose about 12% after reports that Google ordered more than 3 million next-generation Tensor Processing Units from Intel Foundry for 2028 using EMIB packaging. Reports also said Nvidia is evaluating parts of Intel’s 18A process node for future AI chip production; neither Google nor Nvidia has confirmed the order details.
Traders are watching whether bitcoin can reclaim and hold above $65,000. Analysts point to a 78.6% Fibonacci retracement for the total market cap at about $2.23 trillion as near-term resistance. A close below $2.1 trillion, the year’s low, would indicate the recovery has stalled. Continued institutional ETF flows and any final votes on the Clarity Act before the congressional summer recess are expected to draw further market attention.
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