Despite the prevailing market fear, uncertainty, and doubt (FUD), Bitcoin’s largest wallets have experienced a significant net inflow, marking the highest level since late May.
Yesterday alone, holders controlling at least 0.1% of the total BTC supply added 7,130 BTC, valued at approximately $436 million, to their wallets.
Despite market FUD, the net inflow to Bitcoin's largest wallets reached its highest level since late May.
Holders controlling at least 0.1% of the total BTC supply added 7,130 #BTC, valued at approximately $436 million, to their wallets yesterday alone. pic.twitter.com/elMilAgK58
— IntoTheBlock (@intotheblock) June 25, 2024
Meanwhile, the German government has been actively transferring its Bitcoin holdings. In the latest move, the government transferred 750 BTC (valued at $46.27 million), which included:
– 125 BTC ($7.71 million) to Kraken
– 125 BTC ($7.71 million) to Bitstamp
– 500 BTC ($30.85 million) to wallet “139PoPE1bK”
– 0.001 BTC to Flow Traders (likely a test transaction)
These transactions were executed by the German Federal Criminal Police Office (BKA). Over the past week, around 4,250 BTC (approximately $271.3 million) have been moved out of the German government’s wallets at an average price of $63,828. The government currently holds 45,609 BTC, valued at $2.8 billion.
45 mins ago, the German Government transferred away another 750 $BTC ($46.27M), including:
• 125 $BTC to #Kraken
• 125 $BTC to #Bitstamp
• 500 $BTC to wallet “139PoPE1bK”
• 0.001 $BTC to Flow Traders (likely a test txn)In the past week, around 4,250 $BTC (~$271.3M) have… https://t.co/JV63Xsc8IC pic.twitter.com/Ezorz9egCf
— Spot On Chain (@spotonchain) June 26, 2024
Bitcoin ETFs Market Turns Positive After Having A Rough Ride Few Days Back
In addition, the Bitcoin ETF market has shown positive momentum. As of June 25, 2024, the net inflow into Bitcoin ETFs totaled $31 million, breaking a seven-day streak of negative flows. Fidelity’s FBTC experienced the largest inflow at $48.8 million, while BlackRock’s IBIT recorded a net flow of $0 for the past three days. Conversely, Grayscale’s GBTC saw another outflow of $30.3 million.
🚨 $BTC #ETF Net Inflow June 25, 2024: +$31M!
• The net inflow turned positive after 7 days of being negative.
• #Fidelity (FBTC) experienced the largest inflow at $48.8M.
• #BlackRock (IBIT) has had net flows of $0 for 3 days.
• #Grayscale (GBTC) saw another outflow of… pic.twitter.com/k5uFu1I3MV
— Spot On Chain (@spotonchain) June 26, 2024
On the trading front, 72.19% of all accounts on Binance with an open Bitcoin position are currently going long, indicating a bullish sentiment among traders.
72.19% of all accounts in @binance with an open #Bitcoin position are going long! pic.twitter.com/jV1lkjTXnC
— Ali (@ali_charts) June 26, 2024
These developments highlight a growing confidence in Bitcoin among major holders and institutional investors, despite broader market concerns. As large entities continue to accumulate BTC, the market may see renewed strength and stability in the coming weeks.
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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