Just two weeks ago, the crypto market was marked by extreme greed. Now, it’s gripped by fear.
This week, nearly 30,000 BTC, valued at $1.73 billion, entered exchanges, suggesting panic selling as the price declines. Wallets holding over 10,000 BTC have benefited significantly from the past six weeks of volatility.
These large addresses, likely dominated by exchange liquidity providers, have accumulated an additional 212,450 BTC, increasing their share of the total supply by 1.05%.
A dormant wallet sprang to life today after 10.6 years, moving 1,004 BTC ($57 million) to a new wallet. This wallet originally received its BTC in 2013 and 2014 at an average price of $731, totaling $737,000.
Additionally, Bitcoin ETFs saw a net inflow of $143 million on July 5, 2024. The ten U.S. Bitcoin ETFs received a combined net inflow of $238 million this week, despite the BTC price dropping by 7%. Notably, only Grayscale (GBTC) experienced an outflow, while BlackRock’s ETF (IBIT) recorded no net flow.
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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