Bitcoin is eyeing a $130K breakout as Kazakhstan launches its first spot BTC ETF, marking a major step for regional adoption and adding fresh momentum to the cryptocurrency’s bullish trajectory.
Kazakhstan Debuts Central Asia’s First Spot Bitcoin ETF
Kazakhstan has officially entered the regulated Bitcoin investment arena with the launch of its first spot BTC exchange-traded fund. The Fonte Bitcoin ETF (BETF), now trading on the Astana International Exchange, is physically backed by BTC and managed by Fonte Capital.
Secure cold storage is provided by BitGo Trust, a U.S.-regulated custodian known for safeguarding assets for major U.S. ETF issuers.
This milestone offers retail and institutional investors in Central Asia regulated access to Bitcoin — a first for the region.
As one of the world’s top BTC mining hubs, Kazakhstan’s new ETF could draw both domestic and international capital, signaling broader adoption in emerging markets.
Norway’s Sovereign Wealth Fund Expands BTC Exposure
Norway’s sovereign wealth fund, the largest globally, has increased its indirect BTC exposure by 192% over the past year.
While the fund does not hold BTC directly, it now has exposure to 7,161 coins through equity stakes in Coinbase, Metaplanet, and Strategy, a major corporate BTC treasury holder. This reflects a growing institutional strategy of gaining Bitcoin exposure through public companies, ETFs, and bonds.
Similar approaches are being taken by other sovereign funds, including those in Wisconsin and Kazakhstan, as restrictions on direct crypto holdings persist.
Bitcoin Price Forecast: Bulls Eye $130K
Bitcoin is trading at $122,535 after breaking above the descending channel that capped price action since mid-July.
On the 4-hour chart, the breakout is supported by a series of higher lows and a sustained move above the 50-period SMA at $117,774. Wide-bodied green candles show aggressive buying, while the 23.6% Fibonacci retracement at $117,335 now acts as strong support.
Bitcoin Price Chart – Source: Tradingview
Momentum indicators remain bullish. The RSI sits at 68.31, close to overbought but not yet signaling exhaustion, and the MACD shows widening bullish momentum. The chart resembles a bullish flag formation, suggesting that consolidation below $123,236 could precede the next leg higher.
A confirmed breakout above $123,236 opens the door to $126,242, with $130,000 as the next psychological target. Traders may look for entries above $123,236 with stops near $121,500, or wait for a pullback to $117,774 for a lower-risk setup.
Suppose institutional accumulation continues and long-term holders keep supply tight. In that case, this technical structure supports a sustained rally, one that could push Bitcoin beyond $130K in the near term and potentially higher later in the cycle.
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