Last week, Bitcoin witnessed a significant miner capitulation as outflows reached 19,000 $BTC on August 5, marking the highest level since March.

This mass selling likely occurred as miners faced shrinking profit margins, which dropped to 25%, the lowest since January. With their margins under pressure, many miners were forced to liquidate their holdings.

In a remarkable historical note, 16 years ago today, Satoshi Nakamoto registered the first Bitcoin website, Bitcoin.org. Since then, the site has hosted the original Bitcoin code, symbolizing financial freedom for millions around the world.

On the technical front, Bitcoin is currently forming a massive cup and handle pattern, according to an analysis by Crypto Rover on X (formerly Twitter).

This classic bullish pattern suggests that Bitcoin could be poised for a significant breakout, with a potential price target of $110,000. If this pattern plays out, it could signal a major rally in the coming months.

Global Money Supply Hits All Time High As Bitcoin Spot ETFs Recorded Net Inflow Of $36 Million

Adding to the bullish sentiment, the global money supply has hit a new all-time high, a development that bodes well for Bitcoin. As central banks continue to print money, Bitcoin’s fixed supply makes it an increasingly attractive long-term investment. The ongoing expansion of the money supply only strengthens the case for holding $BTC as a hedge against inflation.

In terms of institutional interest, the total net inflow of Bitcoin spot ETFs on August 16 was $36.015 million. Notably, Grayscale’s GBTC saw an outflow of $72.9033 million, while Fidelity’s FBTC had an inflow of $61.3469 million. BlackRock’s IBIT ETF also saw a positive inflow of $20.3854 million. These inflows suggest that institutional investors remain bullish on Bitcoin’s long-term prospects, even as market conditions fluctuate.

With these developments, Bitcoin continues to show resilience and potential for significant future gains.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: Photo by Traxer on Unsplash  // Image Effects by Colorcinch