After months of stagnation and sideways price movement, Bitcoin is starting to show signs of speculative activity once again.

This renewed interest comes on the heels of a false alarm concerning the distribution of Mt. Gox supply, providing a useful lens for analyzing market reactions using on-chain data.

To identify periods of robust Bitcoin price performance, we examine the number of trading days within a 90-day window where weekly, monthly, and quarterly gains exceed 20%.

Currently, only 5 of the last 90 days have met this criterion. In previous cycles, this count ranged between 18 and 26 days, indicating that the current market is more measured compared to historical bull runs.

Bitcoin ETF Net Inflow Totals $105 Million 

On June 3, 2024, the net inflow for Bitcoin ETFs totaled $105 million. This marks the 15th consecutive trading day of positive net inflow, a notable streak.

Among major players, Fidelity (FBTC) led the day with an inflow of $77 million. Meanwhile, Grayscale (GBTC) and BlackRock (IBIT) both reported zero net flow for the day.

This data underscores a growing interest in Bitcoin ETFs, signaling potential bullish sentiment despite the overall measured market activity.

As speculative activities re-emerge, it will be crucial to monitor on-chain data and trading patterns to anticipate further market movements.

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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