Bitcoin transaction fees have seen a notable decline this week, dropping by 18% compared to the previous week’s 27% decrease. This marks the lowest weekly fee levels since November 2023, providing relief to users conducting transactions on the network.
Total Bitcoin fees have decreased by 18% this week, following a 27% drop from the previous week.
Weekly fees have now reached their lowest level since November 2023. pic.twitter.com/sOY325suev
— IntoTheBlock (@intotheblock) July 12, 2024
Concurrently, there has been a significant uptick in the number of Bitcoin wallets holding at least 10 BTC. Data from @santimentfeed reveals that over 152,000 addresses now meet this threshold, marking the highest count since May 21. This trend suggests a growing accumulation of Bitcoin among investors, reflecting continued confidence in its long-term value despite recent market fluctuations.
Signs of this accumulation have been evident in the increase in the number of wallets holding at least 10 #BTC. @santimentfeed data shows that over 152,000 addresses now hold 10+ BTC, the highest number since May 21. The increasing rate of accumulation is also reflected in the… pic.twitter.com/e2WY4FLmX8
— IC News (@Andrea70571778) July 11, 2024
The influx of capital into the cryptocurrency market through stablecoins has also been noteworthy, particularly on the Solana Blockchain, where $750 million in USDC was minted in the past seven days. This indicates robust interest and liquidity flowing into digital assets, bolstering market dynamics amidst varying economic conditions.
Meanwhile, the German government has initiated a Bitcoin unloading session, starting with the sale of 2,700 BTC ($154.4 million) on July 12, 2024. Currently holding 6,394 BTC ($366 million), further sales could potentially follow, impacting market sentiment and liquidity in the short term.
5 minutes ago, the German government moved out 2,700 $BTC ($154.4M), starting the unloading session on July 12, 2024.
Currently, the German government holds 6,394 $BTC ($366M) and may keep unloading more $BTC soon.
Follow @spotonchain and check out the #GermanGovernment entity… https://t.co/eSYoHK0SNn pic.twitter.com/FeTvGzeYXe
— Spot On Chain (@spotonchain) July 12, 2024
The Net Bitcoin ETFs Inflow Turns Positive, Making It Fifth Consecutive Days
In the realm of Bitcoin ETFs, the net inflow remained positive on July 11, 2024, marking the fifth consecutive day of inflows, albeit at reduced volumes below $100 million. Notably, BlackRock’s IBIT led with a significant inflow of $72.1 million, followed closely by Fidelity’s FBTC at $32.7 million. Conversely, Grayscale’s GBTC observed an increased outflow of $37.7 million, highlighting varied investor sentiment and positioning within the ETF market.
🚨 $BTC #ETF Net Inflow July 11, 2024: +$79M!
• The net inflow remains positive for 5 consecutive days, but the volume has dropped below $100M.
• #BlackRock (IBIT) saw the biggest inflow yesterday at $72.1M, followed by #Fidelity (FBTC) with a $32.7M inflow.
• #Grayscale… pic.twitter.com/L9Q4agInPL
— Spot On Chain (@spotonchain) July 12, 2024
Overall, these developments underscore Bitcoin’s resilience amid fee adjustments, increased institutional interest through ETFs, and ongoing government involvement, shaping the narrative of cryptocurrency markets heading into the latter half of 2024.
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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