Can They Push BTC Even Higher?
The post Can They Push BTC Even Higher? appeared on BitcoinEthereumNews.com. Bitcoin’s price revival at the end of the business week caught many short traders off guard as the asset skyrocketed to a new all-time high of almost $119,000 following an extended period of muted movements. Although there was not one single big announcement that could have been related to the explosive rally, there are several reasons that were building up for weeks, which could be attributed to the new peak. Overall Accumulation The following reasons will be combined into one category of “overall accumulation,” even though they may vary by investor type, different moments of purchases, etc. We will start with the ETFs as they’re the freshest. As reported yesterday, the spot Bitcoin ETFs in the US attracted more than $2.7 billion within the past five trading days alone. In addition, they have seen only one day in net outflows since June 9. Both of these factors can drive the underlying asset’s price north, especially when investors spend more than $2 billion to accumulate ETF shares in two consecutive days (July 10 and 11). Next, we will list the accumulation by large companies. Strategy, which admittedly failed to announce a purchase last week, has spent billions in the past few months to acquire more BTC. Its example has been followed to a smaller extent by other companies that now hold bitcoin as a reserve asset, such as Metaplanet, GameStop, and Semler Scientific. Although these purchases might not impact the asset’s price immediately, their continuous efforts certainly play a role as they reduce the immediate selling pressure. The accumulation trend expands well beyond institutions and large companies. Glassnode reported recently that smaller investors, categorized as shrimps, crabs, and fish (wallets holding less than 100 BTC), have been acquiring more than 19,000 BTC per month. In comparison, miner issuance stands at just…
The post Can They Push BTC Even Higher? appeared on BitcoinEthereumNews.com.
Bitcoin’s price revival at the end of the business week caught many short traders off guard as the asset skyrocketed to a new all-time high of almost $119,000 following an extended period of muted movements. Although there was not one single big announcement that could have been related to the explosive rally, there are several reasons that were building up for weeks, which could be attributed to the new peak. Overall Accumulation The following reasons will be combined into one category of “overall accumulation,” even though they may vary by investor type, different moments of purchases, etc. We will start with the ETFs as they’re the freshest. As reported yesterday, the spot Bitcoin ETFs in the US attracted more than $2.7 billion within the past five trading days alone. In addition, they have seen only one day in net outflows since June 9. Both of these factors can drive the underlying asset’s price north, especially when investors spend more than $2 billion to accumulate ETF shares in two consecutive days (July 10 and 11). Next, we will list the accumulation by large companies. Strategy, which admittedly failed to announce a purchase last week, has spent billions in the past few months to acquire more BTC. Its example has been followed to a smaller extent by other companies that now hold bitcoin as a reserve asset, such as Metaplanet, GameStop, and Semler Scientific. Although these purchases might not impact the asset’s price immediately, their continuous efforts certainly play a role as they reduce the immediate selling pressure. The accumulation trend expands well beyond institutions and large companies. Glassnode reported recently that smaller investors, categorized as shrimps, crabs, and fish (wallets holding less than 100 BTC), have been acquiring more than 19,000 BTC per month. In comparison, miner issuance stands at just…
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