Bitcoin began trading early on Saturday at roughly $56.5K from Friday’s $53.7K dip amidst a tumultuous week. Traders are worried about the Bitcoin transfers and Mt.Gox repayments made by the German authorities. Currently, 75% of Bitcoin wallet addresses are profitable, according to IntoTheBlock data.
If traders continue to pocket profits, there may be further pressure to sell Bitcoin. Following the recent US Independence Day, on July 6, there was a significant withdrawal from Bitcoin spot ETFs as Bitcoin’s price dropped below $54K In the next weeks, traders expect prices to drop as low as $50,000, a level not seen since mid-February, as billions of dollars worth of selling may add pressure on the largest crypto asset by market capitalization.
53,680 traders were liquidated for the day, for a total liquidation value of $190.01 million. The greatest single liquidation order, worth $11.4 million, was placed on OKX for BTC, USDT, and SWAP.
Coinmarketcap data revealed Bitcoin’s price plummeted by more than 10% in the last seven days. On Thursday, it dropped below a crucial technical signal, wiping out all of the gains made since the end of February. The sale of bitcoin that the US and German governments had confiscated, together with “preemptively selling” when the estate of the now-defunct Japanese exchange Mt. Gox began to reimburse investors last month, were the main causes of the market collapse.
Bulls got some relief as Farside data showed that this is the biggest net inflow they have seen in a month, with an astounding $143.1 million going into the Bitcoin market.
With an astounding $117 million in inflows, the Fidelity Bitcoin ETF led the pack, demonstrating significant investor trust in the fund.
(BITB) totaled $30.2 million, whilst inflows into the ARKB and HODL ETFs were $11.3 million and $12.8 million, respectively. On the other hand, the Grayscale Bitcoin Trust (GBTC) saw a net withdrawal of $28.6 million, in sharp contrast to the overall upward trend of other spot Bitcoin ETFs.
The Federal Reserve’s potential September interest rate cut, according to fundamentals, might lead to another attempt at a bitcoin surge.
