After months of stagnation and sideways price movement, Bitcoin is starting to show signs of speculative activity once again.
This renewed interest comes on the heels of a false alarm concerning the distribution of Mt. Gox supply, providing a useful lens for analyzing market reactions using on-chain data.
After months of apathy and sideways price action for #Bitcoin, the first glimmers of speculative activity is beginning to re-appear.
The market responded to a false alarm regarding the distribution of Mt.Gox supply, however, this offers a lens into how we can consider these… pic.twitter.com/u7ShEJMdCY
— glassnode (@glassnode) June 4, 2024
To identify periods of robust Bitcoin price performance, we examine the number of trading days within a 90-day window where weekly, monthly, and quarterly gains exceed 20%.
Currently, only 5 of the last 90 days have met this criterion. In previous cycles, this count ranged between 18 and 26 days, indicating that the current market is more measured compared to historical bull runs.
To highlight periods of particularly strong #Bitcoin price performance, we can count the number of trading days within a 90d window where the performance across Weekly, Monthly and Quarterly timeframes exceeds +20%.
As of current, only 5 of the last 90 days have reached this… pic.twitter.com/XzXKEf2wDy
— glassnode (@glassnode) June 3, 2024
Bitcoin ETF Net Inflow Totals $105 Million
On June 3, 2024, the net inflow for Bitcoin ETFs totaled $105 million. This marks the 15th consecutive trading day of positive net inflow, a notable streak.
Among major players, Fidelity (FBTC) led the day with an inflow of $77 million. Meanwhile, Grayscale (GBTC) and BlackRock (IBIT) both reported zero net flow for the day.
🚨 $BTC #ETF Net Inflow June 3, 2024: +$105M!
• The net inflow has been positive for 15 consecutive trading days.
• Both #Grayscale (GBTC) and #BlackRock (IBIT) experienced the single-day net flow of $0.
• The highest inflow of the day belonged to #Fidelity (FBTC) with… pic.twitter.com/z9ILgWNk6Z
— Spot On Chain (@spotonchain) June 4, 2024
This data underscores a growing interest in Bitcoin ETFs, signaling potential bullish sentiment despite the overall measured market activity.
As speculative activities re-emerge, it will be crucial to monitor on-chain data and trading patterns to anticipate further market movements.
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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