In a report released on July 18th, ARK Invest analyzed Bitcoin's performance in June, noting a significant drop after a large sell-off by German authorities. The report claims Bitcoin was oversold during this period.
German authorities liquidated 50,000 BTC, seized from the pirated content platform Movie2k in 2020, pushing Bitcoin prices down from over $70,000 to below $55,000. Despite this, ARK Invest points out that Bitcoin ETFs continued to attract investments, showing resilience in investor confidence.
CryptoQuant data aligns with ARK’s findings, indicating that Bitcoin miners began to capitulate after the April halving event, resulting in reduced yields and forcing miners to sell BTC to stay operational.
Bitcoin ETFs saw significant inflows, with over $400 million added on June 16th alone. BlackRock’s IBIT led the way with $260 million, the highest since early July.
Bloomberg analyst Eric Balchunas noted that Bitcoin ETFs have surpassed expectations, growing to over $16 billion in market share within six months of their U.S. launch, with inflows exceeding $1 billion in the past two weeks.
However, potential turbulence looms with the Mt. Gox rehabilitation program. The defunct exchange, which declared bankruptcy in 2014, has started repaying creditors, recently transferring over 48,000 BTC to Kraken for disbursement.
Mt. Gox creditors have begun receiving payouts, with 13,000 creditors already benefiting as of July 16th. This ongoing process could influence Bitcoin prices in the near term.
As Bitcoin continues to strengthen its position in the market, BlackRock, a major financial institution, has released an updated report titled “Bitcoin: A Unique Diversifier.”
Federal Reserve meetings usually follow a predictable pattern, but this week’s Federal Open Market Committee (FOMC) gathering was shrouded in uncertainty.
A well-known crypto analyst believes Bitcoin (BTC) is poised to start a major bull run.
Anthony Scaramucci, co-founder of Skybridge Capital, has stirred excitement in the crypto world with his prediction that Bitcoin (BTC) could hit $100,000.