TL; DR
-
From July 5 to July 17 (not including weekends), approximately $2 billion flowed into Bitcoin ETFs, pushing the price per BTC up by as much as $11,000.
Full story
If you’re wondering where the new surge in crypto prices is coming from, this is a major reason:
From July 5 through July 17 (not including weekends), approximately $2 billion flowed into Bitcoin ETFs.
(And when Bitcoin moves, so does the rest of the crypto market).
This current streak is the longest we’ve seen in over a month, when inflows were positive for 19 days, between May 13 and June 7.
In that time, Bitcoin went from ~$63k to ~$71k, which seems like much more impressive numbers – but don’t let that fool you!
During last month’s run, the price per BTC saw a move of around $8k from top to bottom.
In the last run-up we went from ~$54,000 to ~$65,000, which means a (rough) price increase of $11,000 per BTC in half the time, adding $230 billion to Bitcoin’s market cap.
Cool, so what’s the takeaway?
Sure, we went from ~$71,000 to ~$54,000 in a two-month period, but the latest recovery was much faster and covered more ground.
This increased buyer momentum signals greater confidence in the near-term future of the market should means more price resilience in the coming months.
All of this should translate into less stress about our wallets and better sleep.
(Thank God).