Markets
CRYPTO MARKETS | Bitcoin Spot ETFs Start to Recover After “One of the Worst Weeks for Bitcoin in 2024” – BitKE
Spot bitcoin ETFs in the United States recorded net inflows of $21.52 million on June 26, 2024, continuing the hot streak that began the previous day.
According to data from SoSoValue, Fidelity’s FBTC led the day with the largest net inflows of $19 million. Grayscale’s GBTC was second with net inflows of $4 million, marking its first positive inflow since June 5, 2024. VanEck also recorded inflows of $3 million on June 26, 2024.
On the other hand, 21Shares’ Ark Invest and ARKB were the only ones to record net outflows for the day, amounting to $5 million. Funds from BlackRock, Bitwise, Valkyrie and others had no net flows.
Since their launch in January 2024, spot bitcoin ETFs have amassed $14.44 billion in net inflows and have been a major reason for BTC’s record: Growth breakout for 2024.
MILESTONE | #Bitcoin Reaches $70,000 for the first time in history
The recently approved US commercial #Bitcoin ETFs have been very successful and are probably the main driver of cryptocurrency price movements.https://t.co/4aKSlbDOGy #BitcoinETF pic.twitter.com/wiU1AuLyEr
— BitKE (@BitcoinKE) March 12, 2024
However, over the past week, the leading cryptocurrency has fallen by more than 6%. CoinGecko. Overall, the global cryptocurrency market capitalization fell 4.4% over the past day to $2.24 trillion.
Additionally, Monday’s announcement that Mt. Gox creditors will begin receiving repayments in Bitcoin and Bitcoin Cash next week coincided with Bitcoin dropping below $60,000 for the first time since early May 2024. while the market anticipated imminent selling pressure.
Mt Gox consolidated 141,000 BTC, worth approximately $9 billion multiple cold wallets to a single address in May 2024.
#BITCOIN | A supply of over 141,000 BTC could hit the market as Mt Gox prepares to make distributions
The defunct cryptocurrency exchange reportedly transferred 141,000 BTC, worth over $9 billion, from its cold wallets, bringing some panic to the market.
Launched in 2010, Mt. Gox quickly… pic.twitter.com/OTZMtty1pm
— BitKE (@BitcoinKE) June 20, 2024
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That said, analysts say the selling pressure from the recently announced Mt. Gox refunds may be much less than market observers fear. According to Galaxy Research, a significant portion of the distributed bitcoins may not be sold immediately, as most will likely be held by creditors due to their low cost.
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