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Bitcoin Recovers $67,000, Gains Nearly 5% in 24 Hours
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(CoinDesk)
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Bitcoin is up about 5% in the past 24 hours, win back $67,000 during the Asian morning. BTC outperformed the broader digital asset market, which added about 4%, as measured by the CoinDesk 20 Index (CD20). Attention will likely turn to Nashville for clues about the next evolution of the world’s largest cryptocurrency, as the BTC 2024 conference unfolds. Independent presidential candidate Robert F. Kennedy Jr. has called himself a “big believer in bitcoin,” and said he holds most of his wealth in BTC, speaking at a press conference on Thursday. Republican candidate Donald Trump is scheduled to speak on Saturday.
The ether continues to underperform the broader cryptocurrency market following $152 million in outflows from ETH exchange-traded funds. The current cumulative ETF inflow since trading began this week is negative $178.68 million. This is primarily due to withdrawals from the Grayscale Ethereum Trust (ETHE), which converted to an ETF. “This situation is very similar to the bitcoin ETF product launched earlier this year,” CoinShares analysts said in an emailed note. Outflows from the Grayscale Bitcoin Trust (GBTC), which converted from a closed-end structure to an ETF that allows redemptions for the first time in 10 years, have weighed on bitcoin’s price in the first few weeks. Ether is up about 2% in the last 24 hours, sitting at $3,240 at the time of writing.
The municipal pension plan of Jersey City, New Jersey, Will Soon Invest in Bitcoin Via ETFsaccording to a social media post by Mayor Steven Fulop on Thursday. The move follows one made by a Wisconsin pension fund earlier this year. The investment is expected to close “by the end of the summer,” according to Fulop’s post on X. While Fulop didn’t specify exactly how much of the pension fund’s assets will be allocated to Bitcoin ETFs, he said it would be “similar” to the 2% allocation made by the Wisconsin state pension fund. Fulop didn’t specify which Bitcoin ETF Jersey City is considering for the investment.
Map of the day
(CryptoQuant)
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The chart shows the daily net inflow of BTC into wallets linked to centralized exchanges.
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On Wednesday, centralized exchanges saw a cumulative net inflow of nearly 50,000 BTC, of which 42,000 coins were deposited into Kraken-linked wallets.
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Most of this influx likely comes from Mt. Gox moving coins to exchanges as part of repaying creditors.
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Source: CryptoQuant
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