Benzinga - by Murtuza Merchant, Benzinga Staff Writer.
Bitcoin spot ETFs reported a total net inflow of $21.5187 million on June 26, but inflow did not manage to erase underlying anxieties within the cryptocurrency market.
What Happened: According to data from SoSo Value, the Fidelity ETF (BATS:FBTC) saw a significant single-day inflow of $18.6093 million, pushing its total net inflow to $9.185 billion.
Meanwhile, the Grayscale ETF (OTC:GBTC) GBTC recorded a daily inflow of $4.3306 million, contributing to the overall uptick.
Also Read: U.S. Offers $5M Reward For Information On Crypto Fraudster Ruja Ignatova
Why It Matters: This resilience is particularly noteworthy given recent developments, including the U.S. government’s transfer of 3,940 BTC to Coinbase Prime (NASDAQ:COIN) following approval for liquidation.
QCP Capital suggests several reasons for Bitcoin’s strong support at $60,000.
Firstly, the German government appears to be slowing its BTC transfers to exchanges, with only 250 BTC sent recently.
This could indicate the approaching end of their current selling regime.
Secondly, Bitcoin Spot ETFs have reported net inflows of $52.4 million over two days, breaking a streak of seven consecutive days of outflows.
These developments have led some analysts to speculate that the market may have largely priced in potential sell-offs, such as the anticipated Mt. Gox release.
As a result, some traders are considering strategies to accumulate Bitcoin, with QCP Capital proposing a BTC Accumulator trade idea.
This strategy involves buying BTC spot at an 11.11% discount ($54,000) weekly, with an expiry set for Nov. 8, 2024.
The Bitcoin market has been trading largely sideways since its Monday drop, with one BTC changing hands for $61,160 at the time of writing.
What’s Next: As the cryptocurrency market continues to evolve, events like Benzinga’s Future of Digital Assets become increasingly crucial for investors seeking to navigate this complex landscape.
The upcoming Nov. 19 event is expected to provide further analysis on these market trends and potential investment strategies.
Read Next: Uncle Sam On The Move: US Government Transfers Millions In Bitcoin To Coinbase
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.