This week has seen a surge in positive commentary on Bitcoin, marking the highest level of bullish sentiment from the crypto community since mid-May.
The prevailing optimism suggests that many believe a $70,000 Bitcoin price is within reach.
🗣️👍 Commentary has been leaning positive toward Bitcoin this week. In fact, this is the highest level of bullish commentary from the crypto crowd since the week of May 15th. The level of optimism from the crowd indicates that many believe $70K BTC is imminent. pic.twitter.com/SQQmEh6M6Q
— Santiment (@santimentfeed) July 31, 2024
On Binance, top traders are seizing the opportunity to buy the Bitcoin dip, with nearly 70% of them going long on $BTC. This indicates a strong belief in Bitcoin’s potential for growth in the near future.
Top traders in @binance are buying the #Bitcoin dip! In fact, nearly 70% of them are going long on $BTC. pic.twitter.com/sMY4glb7yO
— Ali (@ali_charts) August 1, 2024
Significant Movement In The Bitcoin Market To MonitorÂ
Regarding Bitcoin ETFs, there have been notable movements in the market. On July 31, the Bitcoin spot ETF recorded a total net inflow of $298,900. Grayscale’s ETF GBTC showed no net outflow, while Grayscale’s mini ETF BTC saw a significant net inflow of $17.9954 million. BlackRock’s ETF IBIT attracted an inflow of $20.9892 million, demonstrating investor confidence. Meanwhile, Fidelity’s FBTC experienced a net outflow of $31.57 million.
Bitcoin spot ETF had a total net inflow of $298,900 on July 31, Grayscale ETF GBTC had a net outflow of $0.00, Grayscale mini ETF BTC had a net inflow of $17.9954 million, BlackRock ETF IBIT had inflow of $20.9892 million, and Fidelity FBTC had an outflow of $31.57 million.…
— Wu Blockchain (@WuBlockchain) August 1, 2024
Overall, the current market sentiment and trading behaviors point to a strong bullish outlook for Bitcoin, with both traders and investors showing increased confidence in the cryptocurrency’s future.
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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Image Source: promesaartstudio/123RF // Image Effects by Colorcinch
