Beyond crypto: how blockchain technology is revolutionizing industries with transparency. Blockchain technology, once primarily associated with cryptocurrencies like Bitcoin, has transcended its origins to become a revolutionary force across multiple industries. Its inherent features of transparency, security, and efficiency are driving innovative solutions beyond traditional finance, reshaping sectors ranging from healthcare to supply chain management.
Bitcoin World
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Source: Bitcoin World
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Bitcoin Price Fall Increases Buying Momentum, Pushes Exchange BTC Balances To 6-Year Lows
Following a major price decline in Bitcoin (BTC), market sentiment dropped back to strong levels of fear, indicating that investors are becoming increasingly cautious and risk-averse. Despite this trend, on-chain data analytics provider CryptoQuant has revealed a significant increase in BTC buying momentum, resulting in the Bitcoin balances on various exchanges dropping to six-year lows. Related Reading: Injective (INJ) Down 20% As Market Retracement Forces Sell-Off Bitcoin Reserve On Exchanges Sees Sharp Plunge With ongoing market volatility and the recent decline in Bitcoin, on-chain data has identified a significant shift in the cryptocurrency’s market activity. CryptoQuant’s data has revealed a substantial decline in the total amount of Bitcoin held by various Centralized Exchanges (CEXs) in the market. As of October 2, the Bitcoin balance of centralized exchanges, according to Coinglass, sat at 2.34 million, marking the lowest number in six years. This sharp decline contrasts with the 3.05 million Bitcoin held on exchanges in January this year, highlighting a significant reduction in available supply in just a few months. Typically a low Bitcoin balance on centralized exchanges could be an indication of an impending price appreciation, as fewer BTC available on these platforms can create upward pressure on its price due to the limited supply. The reduction in Bitcoin reserves could also be signaling a shift in investor sentiment from selling to accumulating. Following Bitcoin’s price drop to around $60,000, various exchanges experienced mass withdrawals from investors. In one of its QuickTake blogs, CryptoQuant described this large-scale withdrawal as “the largest outflow of Bitcoin from exchanges since November 2022.” This development also follows the recent increase in Bitcoin accumulation by whales and a rise in the demand for Spot Bitcoin Exchange Traded Funds (ETFs). Additional information from CryptoQuant reveals that institutional investors moved from net selling 5,000 BTC on September 2 to buying 7,000 BTC by the end of the month. This represents the highest daily purchase of Spot Bitcoin ETFs since July 21. #Bitcoin demand from US spot ETFs is rising. They went from net selling 5K $BTC on Sept 2 to buying 7K BTC at September’s end—the highest since July 21. In Q1 2024, spot ETFs bought nearly 9K #BTC daily, boosting prices to new highs. If this trend continues, prices may rise… pic.twitter.com/6EQ9JXUzdw — CryptoQuant.com (@cryptoquant_com) October 4, 2024 Moreover, in the first quarter of 2024, Spot ETFs were reportedly buying nearly 9,000 BTC daily, boosting prices to new levels. CryptoQuant also disclosed that if this increase in demand continues, the price of Bitcoin may appreciate further. Analyst Stays Bullish On BTC, Predicts $100,000 Surge A popular crypto analyst, known as ‘The Bitcoin Therapist’ on X (formerly Twitter) has uncovered a massive bull flag in Bitcoin’s price chart. The analyst revealed that this bull flag had formed over the last seven months, signaling a potential for a price increase in the future. Related Reading: Market Signals Hint At Bitcoin’s Potential Fall To $52,000—Analyst Sharing a video representation of his Bitcoin chart analysis, the analyst disclosed that if the price of BTC can break above the $66,000 resistance level, it could skyrocket to new all-time highs around $80,000 to $90,000. He also expressed a strong bullish sentiment on Bitcoin’s future price, predicting an even higher price surge to $100,000. Featured image from CNN, chart from TradingView Bitcoin World
US Spot Bitcoin ETFs Open Q4 2024 With $300 Million Weekly Outflows – Details
Spot Bitcoin ETFs launched the fourth quarter of 2024 on a turbulent note ending the week with a net negative outflow of over $300 million. This development occurred in tandem with Bitcoin’s bearish start to October in which it declined over 6% in the first five days of the month. Related Reading: US Spot Bitcoin ETFs Become Second-Largest Holder Of BTC Behind Satoshi Spot Bitcoin ETFs Negative Outflows End Three-Week Positive Streak According to data from market tracking platform SoSoValue, the US-based spot Bitcoin ETFs registered a cumulative net outflow of $301.54 million in the first week of Q4 2024, ending a three-week run of positive returns. Following a net inflow of $61.30 million on September 30, these investment funds quickly transitioned into a bearish state as Bitcoin’s value fell sharply amid rising geopolitical tensions in the Middle East. This led to three consecutive days of cumulative negative outflows totaling $388.42 million. On Friday, October 4, the spot BTC ETFs returned to a positive trajectory recording gains of $25.59 million but proved largely insufficient in overturning the earlier deficit. However, despite this negative weekly performance, the spot Bitcoin ETFs are still primed to attract massive levels of investments in this quarter in line with the lofty price expectations for Bitcoin. Notably, these investment funds have produced a speculative performance following their launch in January. According to data shared by analyst Quinten Francois, the spot BTC ETFs occupy the top four positions of successful ETF launches in 2024. With a Bitcoin bull run on the horizon, these exchange-traded products are certain to receive more interest from institutional investors in the coming weeks. Currently, the spot BTC ETFs boast a cumulative total net inflow of $18.50 billion with total net assets valued at $57.73 billion thus representing 4.68% of the Bitcoin circulating supply. BlackRock’s IBIT maintains market dominance with total investments of $22.91 billion while Grayscale’s GBTC and Fidelity’s FBTC account for significant market holdings with net assets of $13.75 billion and $11.09 billion, respectively. Related Reading: Ethereum ICO Participant Offloads 6,000 ETH As Bearish Sentiment Intensifies Spot Ethereum ETFs Resume Weekly Negative Flows Alongside the Spot Bitcoin ETFs, the US spot Ethereum ETFs also registered net weekly outflows of $30.69 million in the first week of Q4 2024, representing a return to a negative streak stretching from August 16. In contrast to their Bitcoin counterparts, the ETH spot ETFs have had a challenging debut with total net outflows of 553.66 million. However, they account for 2.28% of the Ethereum market supply with $6.6 billion in total net assets. At the time of writing, Bitcoin trades at $62,062, with Ethereum valued at $2,414. Both assets report negligible price movements in the past day. Featured image from Global Finance Magazine, chart from Tradingview Bitcoin World