According to the CEO of CryptoQuant, the current Bitcoin bull cycle is poised to continue until mid-2025.
Historically, Bitcoin bull markets have seen old whales taking profits, which typically shifts capital into new accumulation addresses, effectively raising the realized price of Bitcoin. This profit-taking phase, lasting about 18 months, began four months ago in the current cycle.
#Bitcoin Bull Cycle Likely Until Mid-2025
Old whales take profits during bull markets. Their selling brings new capital into accumulation addresses, raising realized prices.
Past cycles had profit realization periods of about 18 months. It started 4 months ago this time. pic.twitter.com/zkc8XxkmHi
— Ki Young Ju (@ki_young_ju) July 26, 2024
In political news, Robert F. Kennedy Jr., an independent candidate for the U.S. presidential election, has proposed an executive order to mandate the daily purchase of 550 BTC by the U.S. government, aiming to build a reserve of 4 million BTC. Additionally, there is speculation that former President Donald Trump might soon announce plans for the U.S. to acquire Bitcoin as a strategic reserve asset.
JUST IN: 🇺🇸 US Presidential candidate Robert Kennedy F. Jr. says “I understand that tomorrow President Trump may announce his plan to authorize the US government to buy a million Bitcoin as a strategic reserve asset, and I applaud that announcement.” pic.twitter.com/kQdF5u5cCZ
— Bitcoin Magazine (@BitcoinMagazine) July 26, 2024
Bitcoin ETF Recorded Notable Uptick In InflowsÂ
On the ETF front, Bitcoin ETFs saw a significant uptick in inflows. As of July 26, the 10 Bitcoin ETFs collectively attracted $535 million in inflows over the past week, with positive flows recorded on four out of five trading days. However, this figure excludes data from the Valkyrie Bitcoin ETF (BRRR), which has experienced zero net flows over the past four days.
🚨 US #ETF 26 JUL: 🟢$52M to $BTC and 🔴$163M to $ETH
🌟 BTC ETF UPDATE (final): +$52M
• The 10 Bitcoin ETFs saw a total inflow of $535M this week, with inflows on 4 out of 5 trading days.
• The above inflow figure does not include #Valkyrie (BRRR) data. This ETF has had $0… pic.twitter.com/ewsIejI4OJ
— Spot On Chain (@spotonchain) July 27, 2024
The combination of increased institutional interest and potential political support could further bolster Bitcoin’s market position, setting the stage for continued growth in the coming months.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: balage941/123RF // Image Effects by Colorcinch
