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Bitcoin’s price rose today, deviating slightly from the market trend this weekend. Historically, Bitcoin trades negatively on weekends due to Wall Street being closed. Additionally, the German government completed the sale of 50,000 seized Bitcoins. According to Arkham Intelligence, Germany made its final Bitcoin sale last night.
What’s Happening with Bitcoin?
Today, Bitcoin increased by more than 3% in the last 24 hours, and Spot ETF funds saw inflows for seven consecutive days. Bitcoin’s market value was recorded at $1.16 trillion, indicating a 50.67% market dominance. CoinGecko’s data shows the crypto market value reached $2.28 trillion, a 2.91% increase in the last 24 hours. Meanwhile, stablecoin projects have a market value of $163 billion, making up 7.12% of the total crypto market value.
Additionally, the second-largest cryptocurrency, Ethereum, stabilized above $3,000. Ethereum is trading at $3,166, a 0.8% increase from an hour ago and a 3.7% increase in the last 24 hours. Overall, the market is on the rise, and some cryptocurrencies are reaching double-digit gains.
Details on the Subject
On July 12, 2024, Germany finally sold its remaining Bitcoin assets. According to Arkham Intelligence, the final sale involved transferring 3,846 Bitcoins to Flow Traders and 139Po, defined as institutional deposits and OTC services. This marked the end of several hectic weeks during which the German government sold tens of thousands of Bitcoins in different transactions. The German government had been selling Bitcoin for the last three weeks.
These transactions kept the Bitcoin market below $60,000 and under the 200-day exponential moving average. However, the $9 billion Mt. Gox repayment plan could reintroduce selling pressure. The market has been operating under fear, uncertainty, and doubt for some time. During this period, many institutional investors saw it as a buying opportunity. Despite the price increase, the crypto Fear and Greed Index remains at extreme fear levels.
On the other hand, U.S. spot Bitcoin exchange-traded funds saw over $310 million in inflows on July 12, the largest day since June 5. According to Farside Investors statistics, BlackRock’s iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund received most of the inflows, with $120 million and $115.1 million, respectively.
