Bitcoin prices have rebounded strongly, soaring above $68,000 and sparking a surge in perpetual futures activity.
This significant appreciation in price has provided much-needed relief for the Short-Term Holder cohort, with 75% of their coins now held in profit.
#Bitcoin prices have rebounded strongly, rallying over $68k and catalyzing an uptick in perpetual futures activity.
The appreciation in price has also provided much-needed relief for the Short-Term Holder cohort, with 75% of their coins now held in profit.
Discover more in the… pic.twitter.com/NGVq0Cw72E
— glassnode (@glassnode) July 24, 2024
The Bitcoin network hashrate has also been on the rise, recovering alongside the price increase. The drawdown is now 5%, compared to almost 9% just a few weeks ago, indicating a strengthening network.
#Bitcoin network hashrate has been recovering lately along with the price increase.
The drawdown is now 5% compared to almost 9% a few weeks ago. pic.twitter.com/7q0G58ljwk
— Julio Moreno (@jjcmoreno) July 23, 2024
In other notable developments, Mt. Gox has been moving substantial amounts of Bitcoin. Today, Mt. Gox transferred 32,371 BTC, valued at $2.13 billion, to the new wallet “12Gws9Es”.
A few hours later, another 2,237 BTC, worth $147 million, was moved to Bitstamp. Since July 5, 2024, Mt. Gox has transferred a total of 61,559 BTC, approximately $3.88 billion, to exchanges like Bitstamp, SBIVC, and Kraken at an average price of $63,079.
Detailed Breakdown Of BTC Transfers And ETF Net Inflow Data
The breakdown of these transfers includes:
Mt. Gox moved 32,371 $BTC ($2.13B) to the new wallet “12Gws9Es” ~40 minutes ago.
Currently, Mt. Gox still holds 101,503 $BTC ($6.68B), including 48,641 $BTC ($3.2B) left untouched in the new wallet "3JQie", likely a #Kraken deposit.
Follow @spotonchain for more updates on… https://t.co/myHj2KxN2t pic.twitter.com/znG0gtezXX
— Spot On Chain (@spotonchain) July 24, 2024
– 2,702 BTC ($146 million) deposited to Bitstamp and SBIVC on July 5
– 48,641 BTC ($3.06 billion) moved to wallet “3JQie”, possibly a Kraken deposit, on July 16
– 5,110 BTC ($340 million) deposited to Bitstamp on July 23
– 5,106 BTC ($336 million) deposited to Bitstamp today, July 24.
We have missed some transactions from Mt. Gox, below is the more accurate number:
Since July 5, 2024, Mt. Gox has transferred out a total of 61,559 $BTC ($3.88B) to #Bitstamp, #SBIVC and #Kraken at ~$63,079:
➡️ Deposited 2,702 $BTC ($146M) to #Bitstamp and #SBIVC on Jul 5;
➡️…
— Spot On Chain (@spotonchain) July 24, 2024
On the ETF front, there has been a notable movement as well. The US ETF reported a net outflow of $78 million to Bitcoin on July 23, marking the first negative net flow in the past 13 trading days. Despite this, BlackRock’s (IBIT) ETF recorded an inflow yesterday, showing continued investor interest.
🚨 US #ETF 23 JUL: -$78M to $BTC and +$107M to $ETH
🌟 BTC ETF UPDATE (final): -$78M
• This is the first negative net flow in the past 13 trading days.
• Only #BlackRock (IBIT) had an inflow yesterday.
🌟 ETH ETF UPDATE (final): +$107M
• Around 5.3% of the $ETH held by… pic.twitter.com/5Nej6QweLj
— Spot On Chain (@spotonchain) July 24, 2024
This series of events highlights the dynamic and often unpredictable nature of the cryptocurrency market, with Bitcoin’s recent price surge bringing renewed optimism and activity among traders and holders alike. As the network strengthens and institutional interest remains high, Bitcoin continues to prove its resilience and potential for growth.
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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