Just two weeks ago, the crypto market was marked by extreme greed. Now, it’s gripped by fear.
Just two weeks ago, the #crypto market was all about extreme greed. Now it's gripped by fear. pic.twitter.com/0mwTGdaWkK
— Ali (@ali_charts) July 5, 2024
This week, nearly 30,000 BTC, valued at $1.73 billion, entered exchanges, suggesting panic selling as the price declines. Wallets holding over 10,000 BTC have benefited significantly from the past six weeks of volatility.
Nearly 30k $BTC, worth $1.73 billion entered exchanges this week. With the price declining, this influx suggests that panic sellers are offloading their assets. pic.twitter.com/vbzPsCOpif
— IntoTheBlock (@intotheblock) July 5, 2024
These large addresses, likely dominated by exchange liquidity providers, have accumulated an additional 212,450 BTC, increasing their share of the total supply by 1.05%.
🐳 Wallets with 10K+ Bitcoin have been the extreme beneficiaries of the past 6 weeks of volatility. With these massive addresses speculated to be heavily comprised of exchange liquidity providers, they own 212,450 BTC more over this stretch, and 1.05% more of the entire supply. pic.twitter.com/8Ob2OIJ2M2
— Santiment (@santimentfeed) July 5, 2024
10 years Dormant Wallet Moves 1,004 BTC To A New Wallet, Bitcoin ETFs Net Inflow Sets At $143 Million
A dormant wallet sprang to life today after 10.6 years, moving 1,004 BTC ($57 million) to a new wallet. This wallet originally received its BTC in 2013 and 2014 at an average price of $731, totaling $737,000.
A dormant wallet just woke up after 10.6 years and moved 1,004 $BTC ($57M) to a new wallet ~50 minutes ago!
This wallet received its $BTC in 2013 and 2014 at an average price of only $731 ($737K).
Follow @spotonchain to know when (dormant) whales/governments/institutions move… pic.twitter.com/3PadaahGZy
— Spot On Chain (@spotonchain) July 6, 2024
Additionally, Bitcoin ETFs saw a net inflow of $143 million on July 5, 2024. The ten U.S. Bitcoin ETFs received a combined net inflow of $238 million this week, despite the BTC price dropping by 7%. Notably, only Grayscale (GBTC) experienced an outflow, while BlackRock’s ETF (IBIT) recorded no net flow.
🚨 $BTC #ETF Net Inflow July 5, 2024: +$143M!
• The 10 US Bitcoin ETFs received a net inflow of $238M with inflows on 2 out of 4 trading days this week, despite the $BTC price dropping 7%.
• Only #Grayscale (GBTC) saw an outflow yesterday.
• #BlackRock (IBIT) had a net flow… pic.twitter.com/27gGIVOLDr
— Spot On Chain (@spotonchain) July 6, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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The post Bitcoin Market Volatility Sparks Fear Amid Massive Exchange Inflows appeared first on The Merkle News.
