Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Retail investors, not institutions, have been responsible for most of the demand for spot bitcoin ETFs since their launch, says a new report from Binance.
Despite the record European inflows, Bitcoin price has been unable to recover above the $70,000 psychological level since July.
To confirm a potential breakout from its current crab walk, Bitcoin needs to close the week above $68,700, according to market analysts.
Bitcoin price remains in a seven-month downtrend despite the record ETF net flows.
South Korea’s top financial regulator, the Financial Services Commission (FSC), is reportedly initiating a review process to reconsider its stance on the ban on spot cryptocurrency exchange-traded funds (ETFs). This comes after forming a new cryptocurrency advisory committee within the regulator, signaling a potential shift from its earlier, more stringent stance on digital asset exposure […]
Institutional inflows, while stabilizing, haven’t overcome whale sell-offs and massive token unlocks driving down Bitcoin prices.
If Donald Trump wins the United States presidential elections in November, the trend could accelerate, according to the report.
As enthusiasm surrounding the introduction of spot Ethereum and Bitcoin ETFs in the United States continues to grow, Hong Kong has embarked on its journey to establish a spot ETF market for these digital assets. However, the performance of these exchange-traded funds in Hong Kong has not matched the success seen in the US, raising […]
Spot Bitcoin ETFs (exchange-traded funds) in the United States closed the past week with their best single-day performance in almost two months. This notable feat signaled a shift in investor sentiment as the crypto products have been experiencing significant capital outflows in the past few weeks. Investors Flood Back To Bitcoin ETFs After Two Weeks […]
Bitcoin must hold above the $50,000 mark until the Sept. 18 Federal Reserve meeting to avoid more downside.
Bianco Research CEO Jim Bianco says the next Bitcoin halving in 2028 and significant development of on-chain tools are needed for wider ETF adoption.
Declining trading volumes and slowing ETF inflows could set the stage for a correction below $50,000 before a rally to new highs.
The slowdown in Bitcoin demand can be attributed to a sharp decline in purchases in the United States.
The slowdown in Bitcoin demand can be attributed to a sharp decline in purchases in the United States.
The Bitcoin price could increase by over two-fold based on a key bull signal historically correlated with price rallies.
Following a dramatic 10% drop in the price of Bitcoin, which momentarily settled below $50,000 before recovering to about $54,000, Bitcoin exchange-traded funds (ETFs) suffered large outflows on Tuesday, totaling almost $168 million. This is the second straight day of significant withdrawals, resulting in $405 million in weekly total outflows. Related Reading: Crypto Market Recovery […]
Bitcoin has gone through a major crash recently, but has the asset yet breached the historical bear market boundary? Here’s what on-chain data says. Bitcoin Is Currently Under Realized Price Of New Whales In a new post on X, CryptoQuant founder and CEO Ki Young Ju has discussed what the Realized Price of different key groups in the Bitcoin market is looking like right now. Related Reading: Bitcoin MVRV Lowest Since FTX Crash, Signal To Buy The “Realized Price” here refers to an indicator that keeps track of the average cost basis or acquisition price that the investors of a given group currently share. When the asset’s spot price is above this metric, it means the cohort as a whole can be considered to be in a state of profit. On the other hand, BTC’s value under the indicator suggests the average group member is holding a net loss. Now, here is a chart that shows the trend in the Realized Price for some major cohorts on the Bitcoin network: The first Bitcoin cohort listed here is the “New Whales,” which include the large investors (more than 1,000 BTC in holdings) who bought their coins within the past 155 days. The likes of the spot exchange-traded funds (ETFs) and other custody wallets would be included in this category. This group currently has a Realized Price of $65,000, meaning that these whales would be in notable losses after the latest cryptocurrency crash. The next group, the Binance Traders, has a cost basis of $55,000, around where the asset’s spot price is trading. Thus, these investors would currently be just breaking even on their investments. Bitcoin still holds a distance above the Realized Price of the third group, the Miner Whales, at $45,000. As the CryptoQuant founder has pointed out, BTC dipping below this level has historically confirmed a bear market for the coin. From the chart, it’s visible that the asset last saw major breaches of the level back in November 2018 and May 2022. It also saw a temporary break during the COVID crash in March 2020. Related Reading: Crypto Liquidations Cross $1 Billion As Bitcoin Crashes To $51,000 As the latest crash has been unable to take Bitcoin below this cost basis of the mining companies, it’s possible that a transition towards a bear market hasn’t happened yet. The last cohort in the chart is the Long-Term Holder Whales, which includes the whales that have been holding for more than 155 days. The Realized Price of this group has never been breached in the coin’s entire history and currently trades around $22,000. BTC Price Bitcoin has recovered over the past day as its price has gone up 7% to reclaim the $55,000 mark. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
The bullish outlook appears despite the ongoing Bitcoin sell-off, which is being led by the growing risks of a recession in the United States.
Regulated spot Bitcoin ETFs (exchange-traded funds) in the United States have seen a resurgence in inflows following significant selling pressure over the past two months that sent the largest cryptocurrency on the market to a 6-month low of $53,500 on July 5. Bitcoin ETFs And Institutions Now Control 9% Of Total Supply Data from analytics providers SoSo Value and Ecoinmetrics show that Bitcoin ETFs have been consistently accumulating BTC in their holdings, despite a brief dip in inflows at the start of June. However, since July 1st, inflows have resumed at an accelerated pace, surpassing the averages recorded over the previous two months. Specifically, on July 31st, the Bitcoin spot ETF saw a net inflow of $298 million, while the Grayscale mini ETF BTC had a net inflow of $17.99 million. Additionally, the BlackRock ETF IBIT recorded an inflow of $20.99 million. Related Reading: Hoskinson Claims Cardano Will Flip Bitcoin As Leading Crypto According to data from data analytics firm Ecoinmetrics, Bitcoin ETFs have added nearly 300,000 BTC to their holdings since their approval by the US Securities and Exchange Commission (SEC) January 2023. While the pace of accumulation has slowed from earlier this year, the consistent inflows, even during periods of price stagnation, are a testament to the persistent institutional demand for the leading cryptocurrency, according to the firm. In total, institutions now control nearly 9% of the entire Bitcoin supply, with ETFs and ETF-like products accounting for approximately 5.2% of the total. Public companies hold another 1.6%, while private companies account for at least 2% of the BTC supply. Sentiment Soars To Highest Level Since May Despite Bitcoin’s inability to surpass the $69,000 resistance level in its latest uptrend and a recent retrace of over 5% in the past 24 hours, the overall sentiment toward the leading cryptocurrency appears to be turning increasingly bullish. According to market intelligence platform Santiment, the level of bullish commentary on Bitcoin this week has reached its highest point since the week of May 15. This suggests that many in the crypto crowd believe that the Bitcoin price is poised to reach the $70,000 milestone soon. Corroborating this sentiment, crypto analyst Ali Martinez has noted that top traders on the Binance exchange are currently buying the Bitcoin dip, with nearly 70% of them going long on BTC, according to on-chain data. Related Reading: Chainlink At Risk: Key Indicators Signal Further Losses To $12 However, the cryptocurrency’s short-term price action remains a cause for concern as if Bitcoin fails to close the day above the $64,200 mark, which corresponds to its 200-day exponential moving average (EMA), it could spell trouble for the asset’s near term price action. As can be seen on the daily BTC/USDT chart below, marked by the thick yellow line, the 200-day EMA has historically acted as a strong support level for Bitcoin, but whenever the price has traded below this indicator, it has also acted as a notable resistance wall. At the time of writing, BTC was trading at $62,830, erasing most of its gains from last month, as the cryptocurrency is up just 1.6% in the 30-day timeframe. Featured image from DALL-E, chart from TradingView.com
The Grayscale Bitcoin Mini Trust (the “Trust”) officially launched on Wednesday after receiving approval from the US Securities and Exchange Commission (SEC), emerging as a lower-cost alternative to the renowned Grayscale Bitcoin Trust (GBTC). New Bitcoin Mini Trust Debuts According to Bloomberg, the Grayscale Bitcoin Mini Trust, which debuted with a 0.15% expense ratio, is […]
In an SEC filing, the state's pension fund disclosed holding 110,000 shares of the ARK 21Shares Bitcoin ETF as of June 30.
The crypto industry seems excited and expectant following the US Securities and Exchange Commission (SEC)’s final approval of spot Ethereum Exchange-Traded Funds (ETFs). As investors await the official launch of the investment product, many have discussed the implications of today’s debut. Related Reading: Profit from the Dip: Hong Kong To Debut Asia’s First Inverse Bitcoin […]
The consistent inflows into Bitcoin spot ETFs signal a robust and growing demand for regulated Bitcoin investment vehicles.
United States-listed Bitcoin ETFs have notched their biggest day of inflows in over a month amid a slump in the crypto markets.
The details of enforcing the Protection of Virtual Asset Users Act are not contained in the bill, which comes into force July 19.
The weakened market sentiment comes amid fears of a potential $8.5 billion market dump by Mt. Gox and recent mass outflows from United States spot Bitcoin ETFs.
South Korean researcher Bo-mi Lee highlights crypto volatility and risks, calling for more research and regulatory measures.
Glassnode has discussed in a new report the reasons behind Bitcoin moving sideways despite inflows into the spot exchange-traded funds (ETFs). Why Bitcoin Has Been Stagnant Despite Spot ETF Inflows In its latest weekly report, the analytics firm Glassnode has talked about how the impressive inflows into the US spot ETFs have failed to make the price break its sideways trend. The spot ETFs, which the US Securities and Exchange Commission (SEC) approved in January of this year, have provided investors with an alternate means of gaining exposure to the cryptocurrency. Related Reading: Is Bitcoin Overheated Right Now? This Metric Suggests No These funds buy and hold Bitcoin on behalf of their users, letting them get indirect exposure to the coin’s price movements without having to own the asset itself. The more traditional investors, who don’t want to attempt to navigate cryptocurrency exchanges and wallets, have found the spot ETFs to be a comfortable investment option. Since their launch, the spot ETFs have brought large demand for the asset. Initially, these fresh capital inflows helped BTC rise to a new all-time high (ATH), but recently, the asset has been consolidated. Below is a chart that shows how the combined reserve of these funds compares against the other large entities in the sector. From the graph, it’s visible that the spot ETFs hold 862,000 BTC. This is more than what the miners (excluding Patoshi) hold (706,000 BTC) but notably less than the reserve of the centralized exchanges (2.3 million BTC). Glassnode has noted that the cryptocurrency exchange Coinbase alone holds a big part of the total exchange reserve and the US spot ETF balance through its custody service. “With Coinbase serving both ETF clients and conventional on-chain asset holders, the gravity of the exchange in the market pricing process has become significant,” reads the report. The data for the whale deposits to the platform reveal a rising trend until mid-April. According to the analytics firm, a significant portion of these whale deposits had come from the Grayscale Bitcoin Trust (GBTC), adding to the selling pressure in the market. The whale exchange inflows shooting up may partly explain why the spot ETFs haven’t proven as effective. Another factor behind the consolidation can be the trend in the futures market. The chart below shows that the CME’s future open interest has recently been at high levels. The report thinks this could signal that an increasing number of traders have been adopting a cash-and-carry arbitrage strategy. This arbitrage involves a market-neutral position, coupling the purchase of a long spot position, and the sale (short) of a position in a futures contract of the same underlying asset which is trading at a premium. Related Reading: Litecoin In Uphill Battle: Strong Resistance Might Block Recovery This could explain why the spot ETF inflows have only been able to have a neutral impact on the prices in the Bitcoin market recently. BTC Price Bitcoin has swiftly recovered more than 4% in the past 24 hours as its price is now back above $69,700. Featured image from Dall-E, Glassnode.com, chart from TradingView.com
Bitcoin price may be closer to the big milestone $100,000 mark than many realize as a looming banking crisis could see BTC become the new "safe haven asset."