After a rough week, Bitcoin is showing signs of recovery, with a smaller price dip than last week.
ETF inflows are strong once again despite the overall market weakness.
Long-term Bitcoin holders might be selling, as shown by recent movements from ten-year-dormant wallets.
Bitcoin hashrate is dropping, indicating a possible market bottom as miners adjust the difficulty.
While the future looks positive, the market might be slow in the next 2 - 3 months.
Bitcoin is in a much better position than it was only a week ago.
Today and at the time of writing, the Bitcoin price is $58,800, and the weekly price dip is a mere 3%—which isn't very impressive but is a step up from more than 10% in losses over the weekend.
Bitcoin isn’t quite where it used to be, but it’s getting there.
Here are some of the major bullish (and bearish) things to know about Bitcoin today and this week, from the ETF inflows to the latest updates about Germany to what's been up with miner activity over the last few weeks.
Let’s Jump right in
According to data from Farside, Bitcoin investors have injected another staggering $654 million into the spot Bitcoin ETF market in the US over the last three days.
This rate of inflows is impressive, considering the general market's ongoing bearishness. On 3 July, there were zero inflows across the market, save for the $6.5 million in inflows from Fidelity's FBTC and a more massive $27 million in outflows from Grayscale's GBTC.
Farside data now shows that things have seen a major step up from then, with 9 July alone seeing inflows of $216.4 million across the 11 Bitcoin ETFs, and Blackrock/Fidelity's IBIT/FBTC leading the rest.
The Bitcoin ETF inflow table
However, despite these impressive inflows, it is important to note that Bitcoin still struggles to break above the $60,000 mark, without mentioning the endless selling from the German government.
Since 5 July, Germany's Bundeskriminalamt (BKA) has sold over $850 million worth of Bitcoin, significantly negating the ETF inflows and making it even harder to see noticeable gains in the price of Bitcoin.
In slightly more bearish news, according to insights from Whale Alert, two dormant Bitcoin whale wallets reawakened for the first time in more than ten years.
One of these wallets held 149 BTC worth $8.59 million, while the other had around 24.9 BTC worth $1.44 million. For the first time since 2013, their entire balances were moved around.
This simultaneous movement of funds implies that some long-term holders might be getting tired of the factors surrounding Bitcoin's current price action (including the Mt Gox Issue and the Germans) and are preparing to take profits before a more significant crash.
According to data from the Bitcoin hashrate Index, the network’s hashrate has been dropping steadily, and has hit a bottom of 592 exahashes per second (EH/s), right from a relative high of 658 EH/s in late May.
The Bitcoin hashrate data
But what does this mean?
This means that the Bitcoin network has now adjusted its block mining difficulty by nearly 8%, one of the biggest reductions since the post-FTX collapse in November 2022.
According to insights from CryptoQuant CEO Ki Young Ju in a recent tweet, the Bitcoin miner capitulation is still ongoing and could signal an impending bottom.
On the flipside, the analyst also warns that investors should “Expect the crypto markets to be boring for the next 2-3 months. Stay long-term bullish but avoid excessive risk.”
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.