Bitcoin is currently in an accumulation phase, with significant activity suggesting strong potential for a rebound. Over the past month, 358,000 BTC has shifted to permanent holder addresses, reflecting a long-term bullish sentiment among large investors.
In July alone, global spot ETF inflows amounted to 53,000 BTC, indicating substantial institutional interest.
#Bitcoin is in an accumulation phase.
Over the past month, 358K BTC has moved to permanent holder addresses. In July, global spot ETF inflows were 53K BTC.
Though not all remaining BTC is in custody wallets, whales are clearly accumulating. And it's an unprecedented level. pic.twitter.com/Cyl2ZVhIIX
— Ki Young Ju (@ki_young_ju) July 24, 2024
Despite not all remaining BTC being in custody wallets, the accumulation by whales is at an unprecedented level. Meanwhile, retail traders are leveraging heavily to buy the Bitcoin dip, creating a $30 million liquidation pool at $63,800. This aggressive leverage use suggests potential volatility in the short term.
Degens are using too much leverage to buy this #Bitcoin dip, creating a $30 million liquidation pool at $63,800! pic.twitter.com/GiJ0Te0lUs
— Ali (@ali_charts) July 25, 2024
The TD Sequential, a technical indicator, has presented a buy signal on the hourly chart for Bitcoin, suggesting a possible rebound.
There’s potential for #Bitcoin to rebound as the TD Sequential presents a buy signal on the $BTC hourly chart! pic.twitter.com/2oQqxLE421
— Ali (@ali_charts) July 25, 2024
Bitcoin could surge to $65,200, which would liquidate $42.16 million in short positions, providing a significant upward momentum.
#Bitcoin $BTC could rebound to $65,200 to liquidate $42.16 million in short positions! pic.twitter.com/hSK0692im8
— Ali (@ali_charts) July 25, 2024
Bitcoin Decreasing Demands From US Investors While Net ETF Inflow Turns Positive
However, the Bitcoin Coinbase Premium Index has turned negative, signaling decreasing demand from US investors. This shift may reflect cautious sentiment or profit-taking among US-based traders.
#Bitcoin Coinbase Premium Index has turned negative
“Bitcoin Coinbase Premium Index has turned negative, indicating decreasing demand from US investors.” – By @IT_Tech_PL
Full post 👇https://t.co/yQFnoixK7J pic.twitter.com/zyfNhQa8hA
— CryptoQuant.com (@cryptoquant_com) July 25, 2024
In the ETF market, Bitcoin saw a positive net flow of $45 million on July 24, rebounding from a brief negative period. BlackRock’s Bitcoin ETF (IBIT) experienced the largest inflow, attracting $66 million, highlighting continued institutional interest.
🚨 US #ETF 24 JUL: 🟢$45M to $BTC and 🔴$133M to $ETH
🌟 BTC ETF UPDATE (final): +$45M
• The net flow turned positive again after 1 day of being negative.
• #BlackRock (IBIT) had the largest inflow yesterday at $66M.
🌟 ETH ETF UPDATE (final): -$133M
• #Grayscale (ETHE)… pic.twitter.com/uz2YHzgAYJ
— Spot On Chain (@spotonchain) July 25, 2024
Overall, while Bitcoin’s accumulation phase and whale activity suggest a bullish outlook, the market remains volatile due to high leverage and mixed signals from different investor segments. The potential for a significant rebound is evident, especially if Bitcoin can clear key resistance levels and trigger further short liquidations. Investors should stay vigilant and consider the broader market dynamics as Bitcoin navigates this crucial phase.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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