Bitcoin is experiencing a downturn in exchange-related on-chain activity, indicating decreased investor interest and reduced network usage.
Bitcoin's trend continues to lean bearish, currently hovering just above a critical demand zone. Keep an eye on the 61.9k to 63.8k range for potential support https://t.co/SzLyfHHNHM pic.twitter.com/gVtDu8DZj7
— IntoTheBlock (@intotheblock) June 21, 2024
The trend remains bearish, with Bitcoin currently hovering just above a critical demand zone.
#Bitcoin is experiencing a downturn in exchange-related on-chain activity, indicating decreased investor interest in $BTC and reduced network usage. pic.twitter.com/wLCjlDpbg0
— Ali (@ali_charts) June 21, 2024
Investors are closely monitoring the 61.9k to 63.8k range for potential support.
In line with the reduced on-chain activity, Bitcoin transaction fees have also dropped significantly by 64% this week. This decline further underscores the waning network usage.
Bitcoin fees dropped by 64% this week as on-chain activity slows down pic.twitter.com/ibCuqWzjN0
— IntoTheBlock (@intotheblock) June 21, 2024
Despite the bearish sentiment, MicroStrategy continues its aggressive Bitcoin accumulation strategy. According to on-chain reports from Lookonchain, the company purchased an additional 11,931 BTC, valued at $786 million, between April 27, 2024, and June 19, 2024, at an average price of $65,883 per BTC.
MicroStrategy now holds a total of 226,331 BTC, worth approximately $14.66 billion, with an average buying price of $36,798. At current prices, the company’s profit stands at around $6.33 billion.
MicroStrategy bought another 11,931 $BTC($786M) at $65,883 between Apr 27, 2024 and Jun 19, 2024!#MicroStrategy currently holds 226,331 $BTC($14.66B), and the average buying price is $36,798.
At current prices, the profit is ~$6.33B!https://t.co/16z1Y9z9su pic.twitter.com/G9LY5COhGg
— Lookonchain (@lookonchain) June 21, 2024
Bitcoin ETFs Net Inflow Stays Negative For The 5th Consecutive Days
In contrast, Bitcoin ETF net inflows have been negative, summing up to -$140 million on June 20, 2024. This marks the fifth consecutive day of negative inflows. Notably, only BlackRock’s IBIT ETF saw a small inflow of $1.5 million yesterday.
Meanwhile, Grayscale’s GBTC ETF experienced the highest outflow of the day at $53 million, contributing to a total outflow of $232 million over the past five days. Fidelity’s FBTC ETF faced an even larger outflow, totaling $413 million in the same period.
🚨 $BTC #ETF Net Inflow June 20, 2024: -$140M!
• The net inflow has been negative for 5 consecutive days.
• Only #BlackRock (IBIT) experienced a small inflow of $1.5M yesterday.
• #Grayscale (GBTC) experienced the highest outflow of the day at $53M. This ETF has suffered a… pic.twitter.com/XC6n5bJl5D
— Spot On Chain (@spotonchain) June 21, 2024
The current market dynamics reflect a mixed sentiment, with institutional players like MicroStrategy continuing to invest heavily in Bitcoin, while ETF flows indicate a broader hesitation among other investors.
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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