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.
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.
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.
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.
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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