Bitcoin
Speculative activity resurfaces in the Bitcoin market » The Merkle News
After months of stagnation and sideways price movements, Bitcoin is starting to show signs of speculative activity once again.
This renewed interest comes in the wake of a false alarm regarding the distribution of Mt. Gox supply, providing a useful lens to analyze market reactions using on-chain data.
After months of apathy and sideways price movements to #Bitcointhe first glimpses of speculative activity begin to reappear.
The market responded to a false alarm regarding the distribution of the Mt.Gox supply, however, this offers insight into how we can view them… pic.twitter.com/u7ShEJMdCY
-glassnode (@glassnode) June 4, 2024
To identify periods of robust Bitcoin price performance, we examine the number of trading days within a 90-day window in which weekly, monthly, and quarterly gains exceed 20%.
Currently, only 5 of the last 90 days have met this criteria. In previous cycles, this count has varied between 18 and 26 days, indicating that the current market is more measured compared to historical bull runs.
To highlight periods of particularly strong #Bitcoin price performance, we can count the number of trading days within a 90-day window in which performance in the weekly, monthly and quarterly periods exceeds +20%.
To date, only 5 of the last 90 days have achieved this… pic.twitter.com/XzXKEf2wDy
-glassnode (@glassnode) June 3, 2024
Bitcoin ETF net inflow totals $105 million
As of June 3, 2024, net inflows to Bitcoin ETFs totaled $105 million. This marks the 15th consecutive day of positive net inflow trading, a remarkable streak.
Among the main players, Fidelity (FBTC) led the day with an inflow of US$77 million. Meanwhile, Grayscale (GBTC) and BlackRock (IBIT) reported zero net flows for the day.
🚨 $BTC #ETF Net inflow on June 3, 2024: +$105 million!
• Net inflow has been positive for 15 consecutive trading sessions.
• Both #Grey scale (GBTC) and #Black stone (IBIT) experienced a single day net inflow of $0.
• The biggest turnout of the day belonged to #Fidelity (FBTC) with… pic.twitter.com/z9ILgWNk6Z
– Spot On Chain (@spotonchain) June 4, 2024
This data highlights a growing interest in Bitcoin ETFs, signaling potential bullish sentiment despite overall measured market activity.
As speculative activity resurfaces, it will be crucial to monitor data and on-chain trading patterns to anticipate new market movements.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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