Bitcoin has historically exhibited exponential gains during bull cycles, although each cycle has also seen significant drawdowns.
The current upward momentum is driven by the anticipated approval and influence of spot ETFs, which are expected to bring more investors into the market.
New inflows haven’t even started yet
“Bitcoin’s upward momentum continues to rely on spot ETFs, but we can expect to see more upside as exiting and new investors enter the market.” – By @marketmakercopy
Full post 👇https://t.co/baBBFg1BWN pic.twitter.com/WkcbPmLC9K
— CryptoQuant.com (@cryptoquant_com) July 26, 2024
Recently, the Mt. Gox reserve saw a 66% decrease, amounting to 94,458 BTC. Since the start of the coin distribution, Bitcoin’s price has climbed from $55,000 to $66,000.
The Mt. Gox reserve has decreased by 66% (-94,458 BTC). Since the start of the coin distribution, the price of Bitcoin has risen from $55K to $66K.
Really, no questions at all. pic.twitter.com/EbKL024Zu3
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) July 26, 2024
This reduction in reserves has contributed to Bitcoin’s price rally. Notably, analyst Ali Martinez predicts that if Bitcoin reaches $67,900, approximately $60 million will be liquidated.
$60 million will be liquidated if #Bitcoin $BTC jumps to $67,900! pic.twitter.com/rSeHGQKpkC
— Ali (@ali_charts) July 26, 2024
Bitcoin Recorded Massive $2.8 Million Net Flow To Exchanges
Bitcoin experienced a remarkable $2.8 billion net flow to exchanges yesterday, marking a yearly high. This surge was primarily driven by deposits from the Mt. Gox settlement.
Bitcoin saw $2.8 billion in net flows to exchanges yesterday, marking a yearly high. This surge was primarily driven by Mt. Gox deposits. pic.twitter.com/vWCGFeLa12
— IntoTheBlock (@intotheblock) July 26, 2024
Despite filing for bankruptcy in January 2023 following the collapse of FTX, Genesis Trading still holds substantial Bitcoin reserves, amounting to 32,256.47 BTC valued at $2.15 billion.
📊 Despite filing for bankruptcy in January 2023 following the collapse of FTX, Genesis Trading still holds substantial Bitcoin reserves.
Currently, they hold 32,256.47 $BTC valued at $2.15B. pic.twitter.com/n9EoBFC7qz
— IntoTheBlock (@intotheblock) July 26, 2024
On the ETF front, Bitcoin continues to attract interest. The BTC ETF update for July 25 reported a net flow of $31 million, marking the second consecutive day of positive flows. Out of the ten US Bitcoin ETFs, eight recorded zero net flows, with the exceptions being BlackRock and Grayscale.
🚨 US #ETF 25 JUL: 🟢$31M to $BTC and 🔴$152M to $ETH
🌟 BTC ETF UPDATE (final): +$31M
• The net flow remains positive for the 2nd day in a row.
• 8 out of 10 US Bitcoin ETFs, excluding #BlackRock and #Grayscale, recorded $0 net flows.
🌟 ETH ETF UPDATE (final): -$152M
— Spot On Chain (@spotonchain) July 26, 2024
In conclusion, Bitcoin’s market dynamics reflect a blend of historical growth patterns, significant reserve movements, and strong investor interest facilitated by ETFs. As the market navigates these factors, Bitcoin’s potential for further upside remains robust, supported by both existing and new investors entering the space.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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