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.

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.

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:

– 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.

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.

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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