After a week of net outflows, United States-based spot Bitcoin exchange-traded funds (ETFs) experienced a reversal on June 25, with net inflows reaching $31 million.
Data from SoSo Value reveals a shift from the past seven consecutive trading days, which saw $1.1 billion in total outflows from the spot Bitcoin ETFs.
On Tuesday, June 25, the Fidelity Wise Origin Bitcoin Fund (FBTC) led net inflows with $49 million, followed by the Bitwise Bitcoin ETF (BITB) with $15 million, and the VanEck Bitcoin Trust ETF (HODL) with net inflows of $4 million.
Conversely, the Grayscale Bitcoin Trust (GBTC) experienced net outflows of $30.3 million, and the ARK 21Shares Bitcoin ETF reported $6 million in net outflows.
However, BlackRock’s iShares Bitcoin Trust ETF (IBIT) — the largest fund by assets under management — saw no inflows on June 25.
The same was true for ETFs from Invesco Galaxy, Valkyrie, and Franklin Templeton.
As of June 25, the 11 spot Bitcoin funds that debuted in January have seen net inflows totaling $14.42 billion.
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Recent outflows from U.S.-based spot Bitcoin ETFs have been the highest since April, when total net outflows exceeded $1.2 billion between April 24 and early May.
Despite these fluctuations, prospective U.S. issuers continue to finalize their registrations, following the approval of the ETFs by the U.S. Securities and Exchange Commission (SEC) in May.
Firms have been submitting amended Form S-1 registration statements as part of this process.
According to Bloomberg ETF analyst Eric Balchunas, spot Ether ETFs could potentially begin trading in the U.S. by July 2.
On June 25, investment manager VanEck filed a Form 8-A with the SEC for its spot Ether ETF, bringing it one step closer to launching.
The price of Bitcoin rose from $61,359 on June 25 to $61,732 at the time of publication, marking a 0.6% increase, according to TradingView data.
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Former PayPal CEO Peter Thiel has cast doubt on the potential for Bitcoin’s price to surge significantly from its current levels.
The billionaire, who admits to holding “some” Bitcoin but laments not having acquired more, questions the future demand for the cryptocurrency following the recent introduction of Bitcoin ETFs.
“I’m not sure it’s going to go up that dramatically from here.
“We got the ETF edition, and I don’t know who else buys it,” Thiel commented to CNBC on June 28.
Despite his reservations, he acknowledged that Bitcoin might still see some appreciation but warned of a volatile journey ahead.
Thiel’s skepticism contrasts with his earlier admission of being “underinvested” in Bitcoin in October 2021, just before it surged to its previous peak of $69,000.
His investment firm, Founders Fund, however, boasts a profitable history with Bitcoin, having first invested in 2014 and reaping $1.8 billion shortly before the 2022 market downturn.
In 2023, despite market challenges, Founders Fund doubled down with a $100 million Bitcoin purchase when prices dipped below $30,000.
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Thiel’s initial enthusiasm for Bitcoin was rooted in its potential as a cypherpunk, anti-establishment tool. Reflecting on his early impressions, he noted, “That’s what I thought was terrific about it.”
However, he now believes Bitcoin hasn’t fulfilled its original vision, citing comments from law enforcement officials who prefer Bitcoin over cash for tracking purposes.
“While I initially saw Bitcoin as a cypherpunk, crypto-anarchist, libertarian, anti-centralized government thing,” Thiel remarked, “it doesn’t really work that way.”
Bitcoin, designed as a public, permissionless, and decentralized ledger, contrasts with truly anonymous cryptocurrencies like Monero.
Despite its fluctuations, Bitcoin currently trades at $60,450, showing a slight decline of 1.8% over the past 24 hours.
Thiel’s assessment reflects a nuanced view of Bitcoin’s evolution and challenges, suggesting ongoing uncertainty about its future trajectory despite its continued presence in investment circles.
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Bitcoin miner withdrawals have decreased by nearly 90% since the block subsidy halving, according to data from CryptoQuant.
In a Quicktake post on June 28, the on-chain analytics platform suggested that miner sell pressure is “weakening.”
Bitcoin miners have spent several months adjusting to the new economic reality after April’s halving, which cut their subsidy per mined block by 50%.
Network fundamentals have shown a reshuffling since then, with both hash rate and mining difficulty dropping from all-time highs.
“After the Bitcoin halving, mining rewards were cut in half, so older model mining machines were no longer used as they were no longer cost-effective,” CryptoQuant contributor Crypto Dan explained.
“As a result, mining activity decreased, and miners began selling Bitcoin in OTC transactions to cover mining operation costs.”
The hash rate reflects a state of “capitulation” among miners, according to the popular Hash Ribbons metric, with the 30-day moving average hash rate below its 60-day equivalent.
While this is traditionally seen as a buy signal by Bitcoin traders, Crypto Dan believes the process is winding down.
“The current market can be seen as being in the process of digesting this sell-off, and fortunately, the quantity and number of bitcoins miners are sending out of their wallets has been rapidly decreasing recently,” he continued.
“In other words, the selling pressure of miners is weakening, and if all of their selling volume is absorbed, a situation may be created where the upward rally can continue again.”
CryptoQuant data shows the peak number of withdrawals from known miner wallets was more than 53,000 on April 10, nine days before the halving.
Since then, the figure has dropped to around 8,000 as of June 27, an 85% decrease.
“Positive movements in the cryptocurrency market can be expected in the third quarter of 2024,” the post concluded.
As Cointelegraph reported, a declining hash price has led to reduced profit margins for smaller-scale miners.
Between June 8 and June 24, hash price, reflecting expected revenue per exahash, dropped by 50%.
Data from Hashrate Index puts hash price at $0.048 as of June 28.
“The decline in Bitcoin hash price has recently put less efficient miners under pressure,” Bitcoin-focused economist and mining specialist Jan Wuestenfeld responded on X.
“Since the halving, the hash rate has started declining (partially stopped following a price increase), but the current price correction further reduces miners’ revenues.”
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After a week of net outflows, United States-based spot Bitcoin exchange-traded funds (ETFs) experienced a reversal on June 25, with net inflows reaching $31 million.
Data from SoSo Value reveals a shift from the past seven consecutive trading days, which saw $1.1 billion in total outflows from the spot Bitcoin ETFs.
On Tuesday, June 25, the Fidelity Wise Origin Bitcoin Fund (FBTC) led net inflows with $49 million, followed by the Bitwise Bitcoin ETF (BITB) with $15 million, and the VanEck Bitcoin Trust ETF (HODL) with net inflows of $4 million.
Conversely, the Grayscale Bitcoin Trust (GBTC) experienced net outflows of $30.3 million, and the ARK 21Shares Bitcoin ETF reported $6 million in net outflows.
However, BlackRock’s iShares Bitcoin Trust ETF (IBIT) — the largest fund by assets under management — saw no inflows on June 25.
The same was true for ETFs from Invesco Galaxy, Valkyrie, and Franklin Templeton.
As of June 25, the 11 spot Bitcoin funds that debuted in January have seen net inflows totaling $14.42 billion.
READ MORE: TON Blockchain Faces Rising Phishing Threats Amid Explosive 2024 Growth, Experts Warn
Recent outflows from U.S.-based spot Bitcoin ETFs have been the highest since April, when total net outflows exceeded $1.2 billion between April 24 and early May.
Despite these fluctuations, prospective U.S. issuers continue to finalize their registrations, following the approval of the ETFs by the U.S. Securities and Exchange Commission (SEC) in May.
Firms have been submitting amended Form S-1 registration statements as part of this process.
According to Bloomberg ETF analyst Eric Balchunas, spot Ether ETFs could potentially begin trading in the U.S. by July 2.
On June 25, investment manager VanEck filed a Form 8-A with the SEC for its spot Ether ETF, bringing it one step closer to launching.
The price of Bitcoin rose from $61,359 on June 25 to $61,732 at the time of publication, marking a 0.6% increase, according to TradingView data.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The recent bearish market turmoil has dampened the previously high levels of bullish remarks and euphoria surrounding Bitcoin’s price, potentially indicating a market bottom.
Data from crypto analytics firm Santiment shows that bullish Bitcoin remarks across social media platforms like X, Reddit, Telegram, 4Chan, and BitcoinTalk have significantly declined over the past few weeks.
BTC’s price has been trading sideways since the Bitcoin halving in April.
Santiment data indicates that trader sentiment was most bullish at the beginning of April, leading up to the Bitcoin halving.
However, over the past three months, optimism has gradually waned as traders have lost confidence in the markets due to Bitcoin’s failure to reach new all-time highs.
On the other hand, bearish calls have also declined over the same period, but not as drastically as the bullish calls. Santiment noted that the decline in trader euphoria around Bitcoin is a potential bottom signal.
A bottom signal suggests an impending market trend reversal.
When an asset is undervalued or trading at its lowest point, investors often view it as a buying opportunity.
From a technical analysis perspective, the lowest level of support for the asset is referred to as the bottom.
Bitcoin hit a new all-time high on March 14, reaching $73,780 on Coinbase.
Since then, the top cryptocurrency has traded in a range between $60,000 and $70,000, momentarily dropping below $60,000 before regaining key support. BTC is currently trading at $61,500.
READ MORE: Bitcoin Rebounds Above $62,000 After Six-Week Low, Analysts Eye $63,500 Target
Historically, every four-year halving cycle has resulted in a new all-time high for Bitcoin after the event.
The price of Bitcoin typically begins to rise about a month before the halving, driven by the anticipation of increased scarcity.
However, the price does not surge immediately after the halving. Instead, it usually enters a sideways movement or consolidation phase before experiencing a bullish breakout.
Bitcoin analyst Willy Woo noted that the BTC price will recover after “weak miners die and hashrate recovers.”
He added that in 2017, the hashrate recovery took 24 days, while in 2021, it took only eight days. In 2024, the recovery has already taken 61 days.
Another popular Bitcoin analyst, Rekt Capital, said that Bitcoin continues to consolidate in the post-halving reaccumulation range.
The upper resistance level of the range is approximately $71,500, while the lower support level is around $60,600, which is the current price of BTC.
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The ratio of active Bitcoin addresses has fallen to its lowest level since November 2010, based on onchain data from IntoTheBlock.
In June, the weekly active wallet ratio hit a low of 1.22%, peaking at 1.32%. This highest ratio was last seen in November 2010.
Moreover, the total number of active wallets has also reached multi-year lows. The week of May 27 recorded 614,770 active wallets, the lowest since December 2018.
A declining active address ratio signifies a reduction in buying and selling activity among Bitcoin holders, suggesting a phase of market consolidation.
Juan Pellicer, a senior researcher at IntoTheBlock, attributes Bitcoin’s decreasing wallet activity to weaker retail participation compared to past cycles.
“This year’s run to a new all-time high was driven by institutional capital instead of retail investors,” Pellicer told Cointelegraph.
“The wider economic situation could have played a role in retail not making as many crypto investments as they’ve done in the past.”
The decline in activity comes as investors prepare for increased whale movements, including the Mt. Gox trustee’s plan to start distributing payments to creditors in July.
Some larger holders, including those associated with governments, have also been observed engaging in selling activities.
“Due to this concentration, much of the bearish trading activity is being performed offchain, which doesn’t significantly impact onchain address activity statistics,” Pellicer adds.
Are Runes struggling?
The drop in activity might seem counterintuitive to the launch of Runes, a fungible token protocol introduced to the Bitcoin ecosystem alongside the latest halving event in April.
Runes was anticipated to provide an alternative revenue stream for miners, which it did on the first day as miners earned record-high trading fees on halving day.
However, transaction fees have since normalized to pre-halving levels, and miner reserves, representing the new Bitcoin held by miners, are also at 14-year lows.
Pellicer told Cointelegraph that activity on Runes has cooled off, though the cyclical nature of such assets suggests this is a temporary lull rather than a permanent decline.
Meanwhile, recent crypto attention has shifted to memecoins and celebrity tokens, attracting speculators gambling on larger gains.
Though Bitcoin is known for its volatility, its current state can be considered stable compared to lower-cap memecoins.
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Bolivia’s central bank, Banco Central de Bolivia, has reversed its ban on Bitcoin and cryptocurrency payments, now permitting financial entities to conduct transactions using digital assets to modernize its payment system.
This shift aims to help bolster Bolivia’s struggling economy and bring it in line with Latin American crypto regulations.
The change marks the end of a crypto ban that started in 2014. In December 2020, the government had prohibited banking entities from engaging with cryptocurrencies under Board Resolution N°144/2020.
Now, approved regulations allow banks to transact in cryptocurrencies via authorized electronic channels.
However, the central bank emphasized that cryptocurrencies are not considered legal tender.
Therefore, while banks can trade crypto assets, the Bolivian government does not recognize them as legal currency, and businesses are not required to accept them as payment.
Banco Central de Bolivia also plans to launch an awareness program under its Economic and Financial Education Plan.
This initiative aims to educate the public about the potential risks of cryptocurrencies and how to handle them responsibly.
The new regulations were developed in collaboration with the Financial Investigations Unit, the Financial System Supervisory Authority, and the central bank. These three bodies crafted the regulatory update, which took effect on June 26.
The legislation also aligns Bolivia’s crypto regulations with recommendations from the Latin American Financial Action Task Force, positioning Bolivia among other Latin American nations adopting crypto to boost their economies.
Latin America is increasingly embracing Bitcoin.
Over recent years, several countries in the region have faced economic challenges and rising inflation, prompting them to seek alternative solutions.
Cryptocurrencies have emerged as a popular option in this new economic landscape.
El Salvador was the first country in Latin America and the only one globally to adopt Bitcoin as legal tender alongside the US dollar in 2021.
Mexico, while not recognizing cryptocurrency as legal tender, allows it for value transfers and payments and taxes profits from crypto sales on centralized exchanges.
Brazil has also become pro-crypto, introducing income-tax regulations in 2023, with a 15% tax on crypto profits.
Argentina recently elected a pro-Bitcoin president to combat rampant inflation, following El Salvador’s example.
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Jesse Powell, the co-founder of Kraken, announced on X that he has donated $1 million, primarily in Ether, to Donald Trump’s 2024 presidential campaign.
Powell expressed his support for Trump, highlighting him as the sole major party candidate advocating for pro-crypto policies.
“I am excited to join other leaders from our community to unite behind the only pro-crypto major party candidate in the 2024 Presidential election so the United States can continue to remain a leader in blockchain technology.”
In his post, Powell criticized President Joe Biden’s regulatory approach to the crypto industry and accused officials such as Senator Elizabeth Warren and SEC Chair Gary Gensler of reducing the United States’ competitiveness.
“For too long, the crypto industry has been under attack by Elizabeth Warren, Gary Gensler, and others.”
Rudy De La Cruz, general and strategic partner at BasedVC, shared with Cointelegraph that there is “an air of optimism” in the crypto industry.
“According to a Grayscale survey, this is an issue of concern among Americans, though voters are split. […] Organizations and wealthy crypto entrepreneurs supporting candidates who are friendly to the crypto industry is not that surprising.”
Powell believes Trump’s candidacy in the 2024 presidential election presents an opportunity for the U.S. to lead in blockchain technology.
His post, featuring a photo of Powell and Trump, reinforced this alliance and included the hashtag #freeross, referencing Ross Ulbricht.
Ulbricht was sentenced to life in prison without parole plus 40 years in 2015 for operating the online black market Silk Road, which facilitated anonymous transactions.
On June 20, U.S. presidential candidate Robert F. Kennedy Jr. tweeted that he would free Ulbricht if elected in November.
“Ross Ulbricht has been in prison far too long. Two life sentences for hosting an e-commerce platform. Yes, illegal activity took place there, but come on.”
RFK Jr. also mentioned that he would sign a petition for Ulbricht’s release and encouraged others to do the same.
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Bitcoin has experienced a “healthy reset” in bullish sentiment due to a key BTC price indicator reaching eight-month lows.
On June 27, popular analyst On-Chain College highlighted on X (formerly Twitter) that classic patterns are repeating on the Bitcoin Mayer Multiple.
Although Bitcoin remains at $60,000, a notably bearish sentiment has followed its recent 17% dip.
As reported by Cointelegraph, the Crypto Fear & Greed Index is nearing its 2024 lows, and there is little optimism among average hodlers on social media for a price rebound.
The Mayer Multiple, however, suggests that a recovery might be imminent.
This indicator measures Bitcoin’s current price against its 200-day moving average, providing a buy or sell signal based on the resulting ratio.
Its creator, Trace Mayer, originally considered a reading below 2.4 as “buy” territory.
Data from on-chain analytics firm Glassnode shows that as of June 26, the Mayer Multiple stood at 1.05.
READ MORE: German Government Wallet Sells $54 Million in Bitcoin, Sparking Price Drop Concerns
In contrast, for the Mayer Multiple to hit 2.4, the price would need to be nearly $140,000. BTC/USD last reached a 2.4 reading in March 2021.
“The Bitcoin Mayer Multiple is now at a level not seen since October 2023, despite the price being $60.9K now vs. $29.9K back in October,” On-Chain College commented.
“A healthy reset of sentiment to shift back bearish while being at twice the price.”
Extreme lows in the Mayer Multiple do not always align with BTC price floors. In mid-2022, the indicator bottomed at around 0.47, but it took another four months for the price to mark the bear market’s lowest point.
As Cointelegraph continues to report, price strength is a hot topic in June, with the Mayer Multiple not being the only “buy” signal currently valid.
Bitcoin’s relative strength index (RSI) has also entered “oversold” territory across multiple timeframes.
On the daily chart, RSI was last at this week’s levels in August 2023 — a period when other bull market support trendlines, such as the short-term holder cost basis, were similarly violated.
“The last time the RSI was this low, Bitcoin had just consolidated for 3+ months, just below the key resistance @ 30k,” popular trader Jelle noted.
“We’re looking at 3+ months of consolidation below 70k now. History repeating?”
BTC/USD was trading at around $60,700 at the time of writing, according to data from Cointelegraph Markets Pro and TradingView.
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Bitcoin‘s price hit a six-week low on June 24, but buyers quickly intervened, pushing it back above $62,000 within 24 hours.
Trader Jelle analyzed Bitcoin’s market structure and noted renewed buyer interest around the $60,000 support zone.
He expressed optimism in a June 25 post on X, saying, “If #Bitcoin can lock in a lower-timeframe higher low today, I think we run it back to $63,500 before the week is out.
“Above that, and red Monday, green week becomes a reality.”
Jelle highlighted Bitcoin’s oversold conditions after it dipped to $58,400 on June 14, comparing it to the price action around $26,000 in August 2023.
Despite differences in the 2024 cycle, Jelle believes significant gains are forthcoming, supported by the relative strength index (RSI).
The RSI, an indicator showing overbought or oversold levels, paints an optimistic picture on the daily timeframe.
“Bitcoin’s daily RSI has not been this low in nearly a year,” Jelle wrote on June 24.
He recalled the last oversold conditions when Bitcoin was at $26,000, suggesting a potential summer shakeout.
Historically, Bitcoin’s strongest upward movements occur when the RSI is in the “oversold” zone below 70, leading to sustained rebounds before a rally becomes stable.
Robert Kiyosaki, author of “Rich Dad, Poor Dad,” also commented on Bitcoin’s dip below $60,000, viewing it as an opportunity to increase his holdings.
READ MORE: Bitcoin and Ether Transaction Fees Plunge Amidst Crypto Market Turmoil
He advised, “Bitcoin is crashing. Most people should sell.
“I am waiting to buy more.”
He suggested those fearful of crashes should sell and maintain steady employment during downturns.
The recent crash was partly due to selling pressure from the defunct crypto exchange Mt. Gox.
On June 24, the Mt. Gox trustee announced plans to repay creditors in July, with repayments estimated at over $9 billion in Bitcoin and Bitcoin Cash.
Bitcoin attempted to reclaim the $62,000 level after dropping below $60,000 on June 24.
The support area between $60,000 and $64,000 is crucial, as a breach could lead to deeper corrections.
Trader Aksel Kibar noted in his analysis, “$BTCUSD still a steady uptrend.
Still can be considered a pullback to the channel,” emphasizing the significance of the $60,000 support level.
He warned that breaking this support with a long black weekly candle could shift the outlook from bullish to bearish.
Data from CoinGlass showed significant bid concentrations around $60,200, $60,600, and $61,230 within 24 hours of writing.
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