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Bitcoin Resilience: ETF Inflows Drive Market Recovery Amidst ...
2024-07-10 09:04:03
Blockchain
Markets
Stocks

Bitcoin Resilience: ETF Inflows Drive Market Recovery Amidst Selling Pressures

Bitcoin showcased resilience as it surged back to $57,000, buoyed by a substantial $300 million influx into spot Bitcoin ETFs, spearheaded by BlackRock's IBIT. Notably, the German Federal Criminal Police Office received reimbursements from exchanges like Kraken and Coinbase, hinting that seized assets were not instantly dumped onto the market.

Amidst these dynamics, the market witnessed a drop in Bitcoin's mining difficulty, potentially aiding smaller miners and farms struggling with operational costs. Despite Germany's Bundeskriminalamt selling over $850 million in Bitcoin, US-listed Bitcoin ETFs attracted over $650 million in the past three trading days, showcasing investor interest.

The industry's resilience is further underscored by the $12 million net inflows into Bitcoin ETFs and the positive sentiment from major players like Bitwise and Fidelity, indicating a broader trend of institutional adoption. However, market analysts foresee continued volatility due to potential selling pressures from entities like the German state of Saxony and ongoing Mt. Gox refunds, signaling a challenging road ahead for Bitcoin's price stability.

Related news on that topic:

Analyzing Bitcoin's Price Outlook Amidst Market Volatility

Bitcoin's price fluctuations have recently been influenced by various events, such as the ongoing Mt. Gox repayments and the German government's BTC liquidations, leading to concerns about a potential market crash. While some analysts predict a drop below $50,000 in the near future, others foresee a rebound towards $71,500 by Q3 2024. Despite these challenges, supportive macroeconomic factors like Wall Street's speculation on a September interest rate cut offer some optimism. The market remains heavily influenced by speculative trading behavior, with resistance trendlines posing obstacles to Bitcoin's recovery. Recent drops in Bitcoin mining difficulty and the Fear & Greed Index hitting its lowest level since January 2023 further contribute to the volatile market sentiment. However, experts like George Tung reassure investors that Bitcoin's recent dips are part of normal volatility, emphasizing a long-term investment perspective. Grayscale's Head of Research remains cautiously optimistic, citing positive fundamentals and potential dovish shifts in the market. Overall, while short-term uncertainties persist, the long-term outlook for Bitcoin remains a topic of interest amidst market fluctuations.

The press radar on this topic:

CoinDesk
9. Juli 2024 um 12:01

First Mover Americas: Bitcoin Regains $57K Following $300M of ETF Inflows

Finance
Cryptocurrencies & blockchain
Bitcoin regained the $57,000 level following $300 million in inflows to spot bitcoin ETFs, with BlackRock's IBIT leading the buying activity. The German Federal Criminal Police Office received refunds from exchanges like Kraken, Coinbase, and Bitstamp, indicating the assets were not sold on the market. Bitcoin's mining difficulty also saw a significant drop, which could benefit smaller miners and farms that were previously unable to keep up with costs.
Cointelegraph.com News
10. Juli 2024 um 06:04

Spot Bitcoin ETFs buy up $654M in BTC over 3 days

Cryptocurrencies & blockchain
Finance
Economy
Investors have poured over $650 million into US-listed spot Bitcoin exchange-traded funds (ETFs) over the last three trading days. However, this inflow was not enough to offset the massive Bitcoin selling spree by Germany's federal criminal police, the Bundeskriminalamt (BKA), which has sold over $850 million worth of Bitcoin since July 5.
The Street
10. Juli 2024 um 15:08

Bitcoin ETFs bounce back with $12 million in net inflows

Finance
Cryptocurrencies & blockchain
Economy
Bitcoin ETFs have reverted back to net inflows, recording approximately $12 million in net inflows on Thursday. The majority of bitcoin ETF funds are now logging positive net inflows, with Bitwise, Fidelity, Franklin Templeton, Invesco, Galaxy Digital, Ark Invest, and 21Shares all reporting net inflows. The trend of institutional adoption of bitcoin and bitcoin ETFs is expected to accelerate as more players enter the crypto industry.
Yahoo Finance
9. Juli 2024 um 21:28

Bitcoin Rebounds Toward $60K, but Choppiness Likely to Persist: Analysts

Finance
Bitcoin rebounded on Tuesday, climbing nearly 3% to around $58,000. However, analysts expect the rally to be short-lived, with the market facing potential selling pressure from the German state of Saxony selling seized assets and the ongoing distribution of Mt. Gox refunds. The choppiness in the market is likely to persist until October due to these factors and the historically weak seasonality for Bitcoin in the third quarter.
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