- As the price of bitcoin rises, ETF inflows reach $1.2 billion, suggesting a possible bottom in the market and a boost in investor confidence.
- From July 5th, the price of Bitcoin has rebounded 29%, hitting a 38-day high of $68,560.
- $1.2 billion in inflows into ETFs last week indicated a resurgence of investor enthusiasm.
After recovering 29% since July 5th, Bitcoin (BTC) hit a 38-day high of $68,560 last week. According to the most recent Bitfinex Alpha, on-chain metrics for BTC are robust.
Since early March, BTC has not experienced a run of five straight green daily closes, suggesting a strong shift in momentum. The German government’s sell-off, which resulted in the liquidation of approximately 48,000 Bitcoin, was absorbed by the market.
Additionally, there is less of the usual high miner selling pressure following halvings. For the first time in a month, miners have been profitable again, according to the Miner Sustainability metric. The fact that the Miner Position Index has reached equilibrium indicates that other factors are now more significant in determining the price of bitcoin.
Notably, outflows from spot Bitcoin exchange-traded funds (ETFs) have taken the lead in driving down prices. On the other hand, inflows totaled approximately $1.2 billion last week, with an average cost basis of $58,200.
Additionally, during the last few weeks, the Cumulative Volume Delta measure has shown increased aggressive purchasing pressure, which is the first net-buy-side aggressiveness since March.
The sharp decline in the Bitcoin Exchange Reserve suggests that big investors are pulling their assets off exchanges and purchasing the dips. This pattern of behavior suggests buildup and a possible supply constraint.
Indicating dip-buying on the part of investors, the Short-Term Holder Realized Price has increased in tandem with the price of BTC. Only twice in history has the Long-Term Holder Realized Price exceeded $20,000, indicating net accumulation by long-term holders for the first time since the bear market of 2022.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
