Bitcoin rebounds to $58k after ETF investors bought the dip...
Inflows into Bitcoin spot ETF surged near $300M Source: www.zerohedge.com, Bloomberg
JUST IN: On-chain data confirms this is the second-largest liquidation event in Bitcoin's entire history, right after the FTX collapse in November 2022.
This comes amidst news that Germany is selling $3.5B worth of seized $BTC, and Mt. Gox begins paying back $8.5B to creditors, with the majority expected to be sold. Source: WhaleWire on X
Bitcoin miner capitulation has reached levels comparable to December 2022: 7.6% drawdown.
December 2022 marked the cycle bottom after the FTX collapse. Source: Julio Moreno, Cryptoquant
After liquidity tailwinds in Q4 2023, the etfs launches and bitcoin halving in Q1 / early Q2, liquidity headwinds played catch-up in late Q2, pushing BTC lower
Source: Delphi Digital, Bloomberg
BREAKING: Donald Trump is reportedly in talks to speak at the 2024 Bitcoin convention in July.
This would make Trump the first presidential candidate to speak at a crypto event. Most recently, Trump said he "will end Biden's war on crypto" at a rally in Wisconsin. Source: The Kobeissi Letter
103K Bitcoin has been added to OTC desk wallets in the past six weeks.
The rising balance and falling market price suggest they haven't found a buyer yet. Source: Cryptoquant
Bitcoin is back to the lower end of this range
$BTC plunges >5% as funds see most outflows over 2 weeks since ETF approval. Bitcoin investment products saw ~$600mln in outflows for a 2nd consecutive week. Source: J-C Parets, HolgerZ
The Great Bitcoin Crash of June 2024.
Source: John Osterman
