After briefly reaching a daily high of about $65k, Bitcoin’s (BTC) price retracted around 3 percent on Tuesday to trade around $62,981; the heightened crypto volatility caused forced liquidations of about $205 million in the past 24 hours. Furthermore, the entire altcoin industry rallied and retracted with Bitcoin price action in the past 24 hours.
Mt.Gox Repayments Accelerates
As the dust of the Bitcoin sales by the German government settled in the past few days, defunct crypto exchange Mt.Gox accelerated its repayment process on Tuesday. According to on-chain data analysis conducted by Arkham Intelligence, Mt.Gox transferred more than 96k Bicoins, worth over $6 billion, from its cold wallet to a new address in the past few hours leading to this publication.
The Mt.Gox Bitcoin repayment is not a major source of selling pressure compared to the sales by the German government. Moreover, the repayment will be sent to individual creditors, with the majority likely to be long-term holders.
Silver Lining
Long-term Bitcoin holders showed confidence last week, adding to their holdings despite fears about recent transactions involving Mt. Gox and the German government. pic.twitter.com/GCKgoFhOsX
— IntoTheBlock (@intotheblock) July 16, 2024
The demand for Bitcoin from institutional investors has increased in the past few weeks. According to on-chain data analytics provided by Intotheblock, long-term Bitcoin investors have continued accumulating more coins amid FOMO traders’ heightened volatility and re-emergence.
Meanwhile, the cash inflow into the US spot Bitcoin ETFs surpassed over $1.5 billion in the past two weeks. On Monday, the total cash inflow to the US spot Bitcoin ETFs was over $300 million, led by BlackRock’s IBIT.
With the recent Bitcoin halving gradually getting priced in, it is safe to assume a fresh crypto bull run is on the horizon.
Also Read: Ethereum Spot ETF to Launch On July 23, ETH Price To Mark New Highs At $5600 Shortly
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