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.
Mike Novogratz, the head of Galaxy Digital, believes the current state of the U.S. economy—and shifting attitudes in Washington—are creating ideal conditions for Bitcoin and the broader crypto market.
Bitcoin’s recent breakout above $110,000 has reignited bullish sentiment, with crypto prediction markets signaling growing confidence in further gains.
As Bitcoin pushed past $111,000 on May 22, breaking its previous all-time high, activity in the futures market erupted in response.
Fifteen years ago, a programmer unknowingly made history when he traded 10,000 bitcoins for two pizzas—marking the first documented purchase using cryptocurrency.