CryptoQuant data shows that "30-day bitcoin retail investor demand" has fallen to -22%. This is in stark contrast to what happened in December 2024 when Bitcoin first broke through $100,000.
According to Lookonchain, the latest flows of funds in Bitcoin and Ethereum ETFs on September 12: The 10 Bitcoin ETFs combined for a net outflow of 150 BTC, equivalent to about $8.72 million. The ARK21Shares ETF outflows 939 BTC (~ $54.62 million) and currently holds 43,035 BTC (~ $2.50 billion). The nine Ethereum ETFs together had a net inflow of 234 ETH, equivalent to about $553,000. The Fidelity ETF has inflows of 500 ETH (~ $1.18 million) and currently holds 137,250 ETH (~ $323.50 million).
Bitcoin prices climbed to a 40-day high of $68,518 on July 22, a gain of 19.4% in 10 days. The main drivers include increased investor confidence in the US Federal Reserve interest rate cut in 2024, the German government stopping the bitcoin sell-off, and an improved attitude towards cryptocurrency regulation in the United States. Bitcoin futures premiums reached a five-week high, indicating a cautiously optimistic market mood. US President Joe Biden announced that he would not run for re-electi...
Bitcoin fell below $54,000 on July 5 and the Fear and Greed Index fell to 29, its lowest since early 2023. Market selling pressure came from the German and US governments selling seized bitcoins and Mt. Gox starting refunds. Rachel Lin of SynFutures pointed out that the selling pressure is difficult to ease in the short term, and Mt. Gox users are expected to sell on a large scale. Markus Thielen of 10x Research lowered the bitcoin price target to $50,000, arguing that August and September are c...