Throughout 2024, long-term Bitcoin holders have been steadily reducing their holdings. In May, there was a notable sell-off, with 160,000 BTC (approximately $10 billion) sold. This trend slowed somewhat in June, with 40,000 BTC leaving long-term holders’ wallets.
Long-term BTC holders have been reducing their holdings throughout 2024.
May saw a significant drop with 160k BTC (~$10B) sold. The selling slowed down somewhat in June, with 40k $BTC Leaving long-term holders' wallets pic.twitter.com/POtniNrU4p
— IntoTheBlock (@intotheblock) June 28, 2024
Bitcoin’s mild rebound over the past two weeks has proven short-lived. The prevailing negative sentiment among investors indicates growing impatience, and a low RSI of just 36 suggests a potential bounce is imminent. In the last four days, around 14,000 BTC, worth approximately $851.20 million, have been sent to crypto exchanges.
Around 14,000 $BTC have been sent to #crypto exchanges in the last four days, worth around $851.20 million! pic.twitter.com/3EHHb7qsC5
— Ali (@ali_charts) June 29, 2024
Despite the selling pressure, recent reports from a crypto analyst indicate that someone at Bybit_Official is buying the Bitcoin dip, as evidenced by a recent spike in the BTC taker buy/sell ratio.
Someone at @Bybit_Official is buying the #Bitcoin dip, evident from the recent spike in $BTC taker buy/sell ratio! pic.twitter.com/2YtCnhiaLY
— Ali (@ali_charts) June 29, 2024
Additionally, retail Bitcoin investors are making a comeback, with the number of new BTC addresses on the network surging to 352,124, the highest level since April.
Retail #Bitcoin investors are making a comeback! The number of new $BTC addresses on the network surged to 352,124, marking the highest level since April. pic.twitter.com/GFOHnsokz0
— Ali (@ali_charts) June 29, 2024
Another Positive Net Inflow Day For Bitcoin ETFs
On the ETF front, June 28, 2024, saw a positive net inflow of $73 million. The net inflow has remained positive for four consecutive days.
BlackRock’s IBIT finally received a significant inflow of $82.4 million after 13 days of stagnant flows, while Grayscale’s GBTC experienced the largest outflow of the day, at $27.2 million. The cumulative total net inflow of the 10 US Bitcoin ETFs after 117 trading days has grown back to $14.52 billion.
🚨 $BTC #ETF Net Inflow June 28, 2024: +$73M!
• The net inflow remains positive for 4 days.
• #BlackRock (IBIT) finally received a large inflow ($82.4M) after 13 days of stagnant flows.
• #Grayscale (GBTC) still saw the largest outflow of the day (-$27.2M).
• The… pic.twitter.com/RL5GJytBaB
— Spot On Chain (@spotonchain) June 29, 2024
These dynamics highlight a complex and evolving landscape for Bitcoin, characterized by both selling from long-term holders and renewed interest from retail investors and institutional players.
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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