Fun

Bitcoin oversold after German gov’t sell-off — ARK Invest

News Feed - 2024-07-20 01:07:52

Alex O’Donnell7 hours agoBitcoin oversold after German gov’t sell-off — ARK InvestBitcoin miners seem to be capitulating, a harbinger of a bullish reversal, according to ARK.5138 Total views4 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksAccording to a report by asset manager ARK Invest released on July 18, Bitcoin became oversold in June after Germany’s government initiated a multibillion-dollar sell-off of 50,000 BTC seized in a 2020 police sting against Movie2k, a streaming platform for pirated content.


The sell-off sent Bitcoin (BTC) prices tumbling from highs exceeding $70,000 in early June to a low of less than $55,000 during a brief dip in July.


“Based on short-term-holder realized profits/losses and miner outflows, Bitcoin appears oversold,” according to the report, which focuses on the period through June 30 but includes more recent data. “Current levels [of miner outflows] suggest that miners are capitulating, a harbinger of a bullish reversal.”


Investors’ sustained appetite for BTC exchange-traded funds (ETFs) has been another bullish signal, according to ARK. The report noted that BTC’s sharp sell-off did not trigger a mass exodus from spot BTC ETFs. As of June 30, the drop in BTC’s spot price overshot the 30-day percent change in BTC ETF flows by 17.3%.


July has seen billions of dollars of net inflows into BTC ETFs, with approximately $1.35 billion pouring into the funds in the week ending July 15, according to CoinShares. BlackRock’s iShares Bitcoin Trust (IBIT) saw $107 million in inflows on July 18 after nine straight days of inflows, according to Thomas Fahrer, co-founder of crypto data platform Apollo.Fund flow data indicates that BTC may be oversold. Source: ARK Investment Management


Related:BlackRock"s BTC ETF investors keep buying despite ‘plummeted’ Bitcoin outlook


One risk to BTC’s continued strong performance is global economic data. Corporate profits are steadily falling as pricing power diminishes, a sign of economic weakness, according to ARK.


Bitcoin prices also face potential headwinds from defunct cryptocurrency exchange Mt. Gox’s repayment of some $9 billion in BTC to creditors. However, unlike Germany’s abrupt sell-off, creditors may opt to hold on to BTC, softening any potential impact on the broader market, industry analysts said.


Magazine:Could a financial crisis end crypto’s bull run?# Bitcoin# Blockchain# Cryptocurrencies# Bitcoin Price# Bitcoin Analysis# Investments# Cryptocurrency Exchange# Trading# Bitcoin ETFAdd reaction

News Feed

Solana Eyes $200 Target As It Gains Momentum – Recovery Could Mirror 3-Month Downtrend
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
KyberSwap hacker bridges $2.5M in stolen funds to Ethereum
Ezra Reguerra12 hours agoKyberSwap hacker bridges $2.5M in stolen funds to EthereumA wallet address linked to the KyberSwap exploiter was seen transferring $2.5 million from Arbitrum to Ethereum.1541 Total views4 Total s
Key Bitcoin Levels Under The Spotlight This Weekend: Insights From Glassnode
Este artículo también está disponible en español. Bitcoin (BTC), the largest cryptocurrency by market capitalization, has experienced a remarkable uptrend over the past t
Why tokenized real-world assets are soaring
Cointelegraph Research7 hours agoWhy tokenized real-world assets are soaringTokenized real-world assets have surged to a capitalization of $8 billion, outpacing Bitcoin and Ether in both market performance and volatility
Crypto Analyst Says This Bitcoin Top Signal Hasn’t Gone Off Yet — What To Know
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
AscendEX Lists Sidus Heroes Token, SIDUS
AscendEX Lists Sidus Heroes Token, SIDUS press release PRESS RELEASE. AscendEX is thrilled to announce the listing of the Sidus utility token, SIDUS, and the SENATE governance token
Solana Picture Bigger Than $420: Analyst Predicts 140% Surge To New ATHs
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ethereum’s Pectra upgrade to make normal wallets ‘smart’ and improve UX
Jesse Coghlan2 hours agoEthereum’s Pectra upgrade to make normal wallets ‘smart’ and improve UXThe update would add an improvement proposal inclusive of new operating instructions for wallets that give them smart c
XRP Price Range-Bound: Can It Break Out or Stay Stuck?
Este artículo también está disponible en español. XRP price is moving higher from the $0.5250 support. The price could gain bullish momentum if it clears the $0.5450 and
Mad Money’s Jim Cramer Advises $731M Powerball Jackpot Winner to Put 5% in Bitcoin
Mad Money’s Jim Cramer Advises $731M Powerball Jackpot Winner to Put 5% in Bitcoin Mad Money host Jim Cramer has provided some investment advice aimed at the l
Is Bitcoin Price Heading To $137K? Market Expert Says BTC Broke Out Since Nov. 2024
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
‘Over-Collateralization Can Help Mitigate the Risk of Stablecoin Depegging’ — Pendulum CTO
"Over-Collateralization Can Help Mitigate the Risk of Stablecoin Depegging" — Pendulum CTO Despite being touted as a game-changing innovation, the decentralized finance (defi) ec