Bitcoin (BTC) is testing a critical support zone as bulls attempt to extend the market's recovery, while a breakdown below the area could revive selling pressure. At the same time, newly disclosed regulatory filings show that Jane Street, one of the world's largest quantitative trading firms and a major market maker in exchange-traded funds, holds more than $1 billion in US spot Bitcoin ETFs, underscoring growing institutional demand for regulated cryptocurrency investment vehicles.

At the time of writing, BTC is trading at $64,321.14, with a 24-hour trading volume of $20.97 billion and a market capitalization of $1.29 trillion, according to CoinMarketCap. After a 1.09% gain over the past 24 hours, the price structure and continued Bitcoin ETF growth point toward a bullish reversal ahead.

Bitcoin Price Tests $64K as Bulls Target $67K

Crypto analyst That Martini Guy noted in an X post that Bitcoin is retesting the crucial $64,000 pivot after sweeping below $63,000 and attracting buyers. BTC rebounded sharply to $64,529 before facing renewed selling pressure and slipping back toward $64,000.

Holding this pivot could allow bulls to target $65,000 initially, followed by $65,700, where a decisive reclaim would significantly strengthen Bitcoin's short-term bullish structure.

In case of failure at $64,000, Bitcoin is expected to fall back to support at $63,000. A four-hour close below $63,000 would invalidate the recovery pattern, leaving BTC at risk of a decline toward $61,000.

Traders are currently focused on four key levels: $63,000 as support, $64,000 as the pivot, $65,700 as confirmation, and $67,200 as the next resistance ahead.

Jane Street Reveals $1B+ in Bitcoin ETF Holdings

Data from the SEC shows that Jane Street held over $1 billion in US spot Bitcoin ETF holdings as of June 30, pointing to substantial institutional investment in Bitcoin through ETFs. The disclosure appears in the firm's quarterly 13F filing. Form 13F is the SEC's quarterly disclosure for institutional investment managers that exercise discretion over at least $100 million in qualifying securities, a category that includes exchange-traded funds. Because the reports are filed up to 45 days after quarter-end and list long US-listed equity positions only, they offer a point-in-time snapshot rather than a complete picture of a firm's exposure, which may also include short positions or hedges that are not captured.

Approximately $828 million is invested in BlackRock's IBIT ETF, with the remainder distributed among other funds, including Fidelity's FBTC and Grayscale's GBTC. IBIT launched in January 2024, when the SEC approved the first US-listed spot Bitcoin ETFs, and has since become the largest fund of its kind by assets under management.

The filing reflects the increasing involvement of institutions in the Bitcoin market through investment channels familiar to them. Jane Street has also served as one of the authorized participants that create and redeem shares for major spot Bitcoin ETFs, meaning the firm participates in the products' infrastructure as well as holding them as investments. Notably, Jane Street's holdings amount to ownership of ETF shares rather than direct ownership of actual Bitcoin. The significant allocation highlights how large financial institutions are gaining access to Bitcoin through ETFs without handling the underlying asset directly.

What Comes Next for Bitcoin?

Bitcoin's near-term direction depends on whether BTC can hold the pivot at $64,000 and move back above $65,700. A break past resistance could carry the price toward $67,200, while a loss below $63,000 would leave BTC vulnerable to $61,000. Increased institutional exposure through ETFs could bolster market confidence, and subsequent 13F filings alongside ongoing ETF flow data will offer further evidence of whether that participation is continuing to broaden.

This article contains market analysis and price observations. These are not guarantees. Crypto markets are volatile. Always do your own research. This is not financial advice.