Bitcoin’s Week‑Long Roller Coaster
Bitcoin kicked off the week by taking a dip after its recent breakout that pushed its price past $68,000. The surge last week was primarily fueled by a surge of money flowing into Bitcoin ETFs.
ETF Inflows: The Big Money Trail
- Friday alone saw a hefty inflow of over $380 million into Bitcoin ETFs.
- This was the 11th consecutive day of positive inflows, keeping the bulls feeling pretty confident.
Institutional Interest: The Dark Horse
BlackRock’s IBIT fund pulled in almost $19 billion in net inflows, proving that institutional players are still on the sidelines and looking for a seat at the table.
Market Optimism: Biden’s “No” Might Be the Good News
There’s also a bit of hope brewing thanks to President Joe Biden deciding not to run for re‑election. The speculation? A new administration might be more crypto-friendly, which could keep the price trajectory positive.
Headwinds: The Long Lesters
However, things aren’t all sunshine and rainbows. The bullish momentum is starting to wobble because:
- Long liquidations have outpaced short liquidations, with $111 million of long liquidations in the last 24 hours versus just $64 million in short liquidations.
- There could also be increased selling pressure as the defunct Mt. Gox exchange is still settling its $9 billion repayment, adding a sprinkling of uncertainty to the market.
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