TL;DR
From Jul Fifth-Seventeenth (not together with weekends), roughly $2B flowed into the Bitcoin ETFs, transferring the value per BTC up a cool $11k within the course of.
Full Story
In case you have been questioning the place the brand new uptick in crypto costs has come from, this can be a main purpose:
From July Fifth – July Seventeenth (not together with weekends), roughly $2B flowed into the Bitcoin ETFs.
(And when Bitcoin strikes, so does the remainder of the crypto market).
This present streak is the longest we’ve seen in additional than a month, again when inflows have been constructive for 19 days, between Might 13 and Jun 7.
In that point, Bitcoin moved from ~$63k to ~$71k, which learn like way more spectacular numbers — however don’t allow them to idiot you!
Final month’s run noticed about an $8k transfer in value per BTC from prime to backside.
On this newest run up, we’ve moved from ~$54k to ~$65k — clocking a (tough) $11k transfer up in value per BTC in half the time, and including $230B to Bitcoin’s market cap within the course of.
Cool, so what’s the takeaway?
Certain, we moved from ~$71k to ~$54k over a two month interval, however the newest restoration has been a lot quicker, and lined extra floor.
This elevated momentum from consumers signifies higher belief within the near-term way forward for the market, which ought to imply extra value resilience within the coming months.
All of which ought to translate to much less stressing over our portfolios, and higher nights sleeps.
(Thank god).
