The market sentiment was dampened just as the important $60,000 support level was being tested. Just one month ago, the projected daily return for 1 terahash per second of hashing power was $0.039. On Tuesday, it hit a new low of $0.028. Along with Bitcoin’s price drop to $62,000, on-chain activity has been poor and revenue for
CryptoQuant warned that the realized price of Bitcoin, which is approximately $53,600, should not be seen as a verified cycle low. At the time of writing, BTC is trading at $63,106, up 3.24% in the last 24 hours as per data from CMC. The crypto analytics company CryptoQuant suggests that Bitcoin’s price could be bottoming out
There has been a net withdrawal of more than $5 billion from these ETFs in only four weeks. The US spot Bitcoin ETF witnessed $77.44M worth of outflows on June 9, adding to the ongoing streak of outflows. Understand why investors no longer like Bitcoin spot ETFs. As of June 9th, the eleven spot ETFs’
According to data source SoSoValue, investors pulled $3.45 billion over 11 trading sessions as bitcoin plummeted under $70,000 from US spot bitcoin ETFs. This shift occurs at the same time when other indicators of institutional demand are showing signs of weakness. After Monday’s admission of a minor BTC sale by Strategy (MSTR), the crypto markets continued
Consistent monthly increase since February indicates a change from accumulation to modest distribution, similar to the bad market of 2022. The annual growth rate of balances for whale accounts containing 1,000 to 10,000 Bitcoin (BTC) has slowed to a negative trend, marking the fastest shrinkage this year. On Thursday, Bitcoin (BTC) made its first move
A mystery trader sold 29.2 million shares of BlackRock’s IBIT on Tuesday using dark pool. The net outflow of $333.6 million occurred on the same trading day as the huge IBIT deal, continuing a streak of 11 trading days for US-listed Bitcoin ETFs. Financial services firm NYDIG’s head of research, Greg Cipolaro, speculates that last week’s