COINTURK NEWSCOINTURK NEWSCOINTURK NEWS
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Search
© 2024 COINTURK NEWS. All Rights Reserved.
Reading: Bitcoin Faces Profit-Taking Risks Despite Institutional Purchases
Share
Languages
  • TürkçeTürkçe
  • EspañolEspañol
Font ResizerAa
COINTURK NEWSCOINTURK NEWS
Font ResizerAa
Search
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
COINTURK NEWS > News > Bitcoin Faces Profit-Taking Risks Despite Institutional Purchases
News

Bitcoin Faces Profit-Taking Risks Despite Institutional Purchases

In Brief

  • Bitcoin faces profit-taking risks despite institutional purchases.

  • US spot ETF funds had a net flow of 533.6 million on July 23.

  • Ethereum ETFs failed to create a significant price increase.

COINTURK NEWS
COINTURK NEWS 10 months ago
Share
SHARE

Bitcoin faces a series of profit-taking and price weakness risks even as institutional purchases increase. Popular trader Skew warned of the headline curse on July 23 in his latest analysis related to X, noting that the US Bitcoin exchange-traded funds had generated over $500 million in revenue. Skew mentioned that Bitcoin ETF popularity saw a resurgence this week but stated that good times are far from guaranteed to last.

Contents
Interest in ETFs ContinuesWhat’s Happening on the Ethereum Front?

Interest in ETFs Continues

After the largest spot ETF fund in the US, BlackRock iShares Bitcoin Trust (IBIT), saw an inflow of only $526 million on June 22, there was a warning that such large inflow days have historically preceded Bitcoin price sales:

“IBIT has also shown a bullish trend at other times when its medium-high inflow occurred around market supply zones.”

According to data from sources including UK-based investment firm Farside Investors, the total net flow of US spot ETF funds on July 23 was 533.6 million, marking the highest figure since March.

At that time, the BTC/USD pair was seeing all-time high levels and remains standing, with the market having dropped about 25% in the meantime. Skew continued:

“Therefore, the obvious part in terms of trading right now is whether the market can sustain this demand and momentum towards higher prices.”

He emphasized that consistent spot demand, spot buyers absorbing supply, and overall seller absorption are fundamental requirements to maintain current levels and sustain the rise. According to TradingView data, Bitcoin was trading at $66,876, down 1.5% on the day at the time of writing.

What’s Happening on the Ethereum Front?

Meanwhile, other concerns highlight Ethereum ETF funds. Spot Ethereum products, approved by US-based regulators to start trading on July 23, have so far failed to create a predictable increase in the price of the largest altcoin by market value.

Instead, the ETH/USD pair rose only 1.5% last week and remained flat on the day; this contrasts significantly with Bitcoin in the days leading up to the ETF funds’ launch in mid-January. Trading firm QCP Capital shared the following statements in a section of its latest bulletin to Telegram channel subscribers:

“The lack of a positive reaction is a negative reaction. The market seems to be seeing who pulls out first to sell the news.”

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

You Might Also Like

Trump Organization Files Lawsuit Against Capital One for Account Closures

Will X Face Major Fines from the European Union?

New Mobile Game for Tower Defence Genre Lovers: Starz Defence

Join the Epic Space Adventure in Starz Defence Today!

SEC Initiates Investigation into Elon Musk’s Neuralink Before Gensler’s Term Ends

COINTURK NEWS 23 July, 2024 - 3:35 pm 23 July, 2024 - 3:35 pm
Share This Article
Facebook Twitter
Share
Previous Article Grayscale Confirms Ethereum ETFs Trading on NYSE
Next Article Kamala Harris Secures Delegates for Democratic Presidential Nomination
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

8.1k Like
21.1k Follow
1.1k Follow

Latest News

Cryptocurrency Dynamics Surge with Political Moves
Altcoin News
June Sparks Optimism for Ethereum, EOS, and AVAX
Cryptocurrency News
Crypto Markets Rally as Trump Meets Xi for Crucial Talks
Cryptocurrency News
Trump Boosts Market Confidence With Bold Statements On China
Cryptocurrency News
//

COINTURK was launched in March 2014 by a group of technology enthusiasts who believe that Bitcoin will be as important as the internet in the world of the future thanks to the amazing technology underlying it.

CRYPTOCURRENCY LIVE PRICES

  • Bitcoin (BTC) Live Price
  • Ethereum (ETH) Live Price
  • Ripple (XRP) Live Price
  • Solana (SOL) Live Price
  • Dogecoin (DOGE) Live Price
  • Cardano (ADA) Live Price
  • Chainlink (LINK) Live Price

OUR PARTNERS

  • COINMARKETCAP
  • COINGECKO
  • BITCOINHABER
  • BH NEWS
  • 21MILYON
  • NEWSLINKER

OUR COMPANY

  • About Us
  • Cookie Policy
  • Advertising
  • Contact
COINTURK NEWSCOINTURK NEWS
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
Welcome Back!

Sign in to your account

Lost your password?