Bitcoin Climbs as Italy’s Largest Bank Boosts Crypto Holdings
Bitcoin (BTC) staged a price recovery, climbing by about 1% to $78.5k, as Italy’s largest Bank doubled its crypto holdings amid sell pressure in the cryptocurrency market.
BTC has been in a significant selloff, forcing its price to retreat below $80k after a failed attempt to break the resistance last week. The top digital asset plunged to $78k, with trading volume down 40% to $20 billion on Sunday.
The largest crypto asset price fell below $79,000, rejected from the $82,000 level, driven by macroeconomic headwinds including the Iran war, high oil prices, and rising global bond yields.
Analysis notes Bitcoin’s price action is closely mirroring the Russell 2000 Index, reinforcing its current role as a risk-on asset.
Price fired up on the report that Intesa Sanpaolo more than doubled its crypto exposure to $235 million in Q1 2026, adding positions in Bitcoin and Ethereum ETFs and initiating a new stake in XRP.
This move is part of a broader European trend of banks expanding digital asset services. This is bullish for long-term adoption, signalling robust institutional demand that can provide a foundational bid for BTC. It validates the asset class within regulated, traditional finance frameworks.
Initial selloffs were triggered by Michael Saylor, executive chairman of Strategy (formerly MicroStrategy), who stated the company may sell limited amounts of Bitcoin if needed, a notable pivot from its longstanding “never sell” philosophy.
He clarified the firm would remain a long-term net buyer, suggesting any sale would be to demonstrate Bitcoin’s utility as a corporate asset. This comes as Strategy executes a $1.5 billion note buyback and lists BTC sales as a potential funding source.
This is neutral-to-bearish for BTC in the short term because it introduces uncertainty around supply from the largest corporate holder, potentially weighing on sentiment. However, the reiterated commitment to being a net accumulator in the long term may cushion the impact. BTCUSD- Bitcoin Drops Below $80k on Broad Macro Selloffs
