- US Spot Bitcoin ETF experienced inflows of 2,129 BTC worth $140.33 million.
- A whale withdrew 1,300 BTC valued at $85.56 million from Binance on Wednesday.
- Lookonchain shows that Mt. Gox transferred 47,229 BTC valued at $3.13 billion to three unknown wallets on Wednesday.
- Tron Founder Justin Sun advocates for China to adopt Bitcoin in his X post.
Bitcoin (BTC) stabilizes around $66,000 on Wednesday after missing a close above $70,000 on Monday. Lookonchain reported that US Spot ETFs received inflows of 2,129 BTC worth $140.33 million, a whale acquired 1,300 BTC valued at $85.56 million from Binance, and Mt. Gox continued its creditor payments by transferring 47,229 BTC worth $3.13 billion to three unknown wallets. Additionally, Tron Founder Justin Sun urged China to adopt Bitcoin in post in X (formerly Twitter).
Daily digest market movers: Bitcoin drops as Mt. Gox moved 47,229 BTC
- According to Lookonchain a whale, "12QVsf" withdrew 1,300 BTC valued at $85.56 million from Binance on Wednesday, totaling 5,800 BTC worth $387.88 million withdrawn from the exchange over the past two days.
Whale"12QVsf" withdrew 1,300 $BTC($85.56M) from #Binance again in the past 30 minutes!
— Lookonchain (@lookonchain) July 31, 2024
The whale has withdrawn 5,800 $BTC($387.88M) from #Binance in the past 2 days!
Address:
12QVsfAFv5RsHuqx4i9WsNGJPeiYLoN2qohttps://t.co/W3vpJUThry pic.twitter.com/K4mpBjQaZS
- Lookonchain reveals that Mt. Gox transferred 47,229 BTC valued at $3.13 billion to three unknown wallets on Wednesday, adding to the 61,559 BTC worth $3.89 billion it has moved since July 5 to exchanges like Bitstamp, Kraken, Bitbank, and SBI VC Trade for repayment. With Mt. Gox currently holding $5.23 billion in Bitcoin, these ongoing transfers are likely fueling FUD (Fear, Uncertainty, Doubt) among traders, which may be contributing to Bitcoin's recent price decline.
Mt. Gox moved 47,229 $BTC($3.13B) to 3 unknown wallets again in the past 3 hours!#MtGox has moved 61,559 $BTC($3.89B) to #Bitstamp, #Kraken, #Bitbank, and SBI VC Trade for repayment since July 5.https://t.co/f2q66eQNuk pic.twitter.com/3G1tp47rav
— Lookonchain (@lookonchain) July 31, 2024
- On Tuesday, US spot Bitcoin ETFs experienced inflows of 2,129 BTC worth $140.33 million.Monitoring these ETFs' net flow data is crucial for understanding market dynamics and investor sentiment.
July 30 Update:
— Lookonchain (@lookonchain) July 30, 2024
9 #Bitcoin ETFs
NetFlow: +2,129 $BTC(+140.33M)#iShares(Blackrock) inflows 3,051 $BTC($201.04M) and currently holds 341,521 $BTC($22.51B).
9 #Ethereum ETFs
NetFlow: -66,352 $ETH(-$219.63M)#Grayscale(ETHE) outflows 109,285 $ETH($361.73M) and currently holds… pic.twitter.com/Ly5gNMoii6
- Justin Sun, the founder of Tron, posted on his X handle, "China also needs to step up. Since President Trump pushed for Bitcoin, U.S. policies have warmed. China should make further progress in this area. Competition between China and the U.S. in Bitcoin policy will benefit the entire industry."
China also needs to step up. Since President Trump pushed for Bitcoin, U.S. policies have warmed. China should make further progress in this area. Competition between China and the U.S. in Bitcoin policy will benefit the entire industry.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 28, 2024
Technical analysis: BTC price retraces to daily support level
Bitcoin price faced rejection at the weekly resistance level of $69,648 on Monday and retraced roughly 1% on Tuesday. At the time of writing, BTC trades slightly higher by 0.19% at $66,296.
If BTC continues to retrace, it could find support at the daily level of $64,913. If this support holds, BTC could rise 10% to retest its June 7 high of $71,997.
On the daily chart, the Relative Strength Index (RSI) and the Awesome Oscillator (AO) indicators are trading above their neutral levels of 50 and zero, respectively. This robust momentum signals a strong bullish sentiment in the market.
BTC/USDT daily chart
However, a close below $62,736 and a break below an ascending trendline drawn from July lows would change the market structure from bullish to bearish by forming a lower low on the daily timeframe. Such a scenario might precipitate a 10% crash in Bitcoin's price to retest its July 12 low of $56,405.
Cryptocurrency metrics FAQs
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. Since its inception, a total of 19,445,656 BTCs have been mined, which is the circulating supply of Bitcoin. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value. For Bitcoin, the market capitalization at the beginning of August 2023 is above $570 billion, which is the result of the more than 19 million BTC in circulation multiplied by the Bitcoin price around $29,600.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
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