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.
Over 69% of the top traders in @binance are going long on #Bitcoin! pic.twitter.com/oxATkJ72qk
— Ali (@ali_charts) August 15, 2024
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.
$78.61 million will be liquidated in #Bitcoin rebounds to $60,280! pic.twitter.com/WIOTPXVQ6o
— Ali (@ali_charts) August 15, 2024
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.
#Bitcoin investors are shifting gears from distributing to HODLing! In the past three months, nearly 300,000 $BTC have been added to long-term holdings. pic.twitter.com/EG9L3VlhYW
— Ali (@ali_charts) August 15, 2024
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.
🚨🚨 The #USGovernment moved 10,000 $BTC ($540M) to #Coinbase 11 hours ago.
Overall, the US government has deposited 15,999 $BTC ($966.5M) to Coinbase at an average price of $60,410 in 2024 so far.
The US government still holds around 203.6K $BTC ($11.9B).
Follow @spotonchain… https://t.co/jjdlxtkVE2 pic.twitter.com/WGwbMQ7WGl
— Spot On Chain (@spotonchain) August 15, 2024
Bitcoin Spot ETFs Hits Net Outflow Of $81 MillionÂ
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.
On August 14, the total net outflow of Bitcoin spot ETFs was $81.363 million. Grayscale ETF GBTC had an outflow of $56.8658 million, Franklin ETF EZBC had an inflow of $3.4185 million, and BlackRock ETF IBIT had an inflow of $2.6836 million. https://t.co/59u0BnDSW8
— Wu Blockchain (@WuBlockchain) August 15, 2024
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.
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