Bitcoin Bulls In Control: Significant Shifts And U.S. Government Moves Highlight Market Trends

August 17, 2024

Recent data reveals a bullish sentiment among Bitcoin traders, with over 69% of top traders on Binance currently holding long positions. This shift in strategy comes as Bitcoin approaches a critical price level.

If Bitcoin rebounds to $60,280, approximately $78.61 million worth of positions could face liquidation, reflecting heightened volatility and potential for sharp price movements.

Investor behavior over the past three months indicates a notable shift towards long-term holding, with nearly 300,000 BTC added to long-term positions.

This trend suggests that Bitcoin investors are increasingly confident in the cryptocurrency’s future value, opting to HODL rather than distribute their holdings.

Adding to the market’s intrigue, the U.S. government recently moved 10,000 BTC, valued at around $540 million, to Coinbase.

This transfer is part of a larger strategy, as the government has deposited a total of 15,999 BTC, worth $966.5 million, to Coinbase in 2024, with an average purchase price of $60,410.

Despite these transactions, the government still retains approximately 203,600 BTC, valued at $11.9 billion.

Bitcoin Spot ETFs Hits Net Outflow Of $81 Million 

On August 14, Bitcoin spot ETFs experienced a net outflow of $81.363 million. Grayscale’s GBTC ETF saw the largest outflow with $56.8658 million, while Franklin’s EZBC ETF and BlackRock’s IBIT ETF recorded inflows of $3.4185 million and $2.6836 million, respectively.

These developments underscore a complex and evolving Bitcoin market. With significant trader activity, governmental moves, and ETF fluctuations, the coming days could be crucial in shaping Bitcoin’s trajectory and investor sentiment.

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

About The Author

Will

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.