🔥🔥🔥 Bitcoin - The Bull Run Takes Over:
📌 The second quarter was not great for bitcoin, but the outlook is clearing. The $100,000 still in sight by the end of the year.
FUD is fading
Bitcoin retreated by 25%, falling from $71,000 to $53,000. In percentage terms, this is the largest decline since February.
After a 69% increase in the first quarter, bitcoin fell by 13% in the second. Despite this correction, it remains at the forefront of all asset classes since the beginning of the year (+55%).
The fourth halving was the highlight of the quarter, and its impact was positive on the market. The impact was obviously not immediate. Nevertheless, in the long run, its impact is equivalent to the daily purchase of 450 BTC that will never be sold.
As we wrote recently, bitcoin sales linked to the German government as well as Mt. Gox have prompted traders to cover. The shift in market sentiment was very noticeable at the ETF level.
The following chart shows that net flows into ETFs moderated in the second quarter, to $2.5 billion compared to $12.1 billion in the first quarter.
We can observe net outflows starting from the beginning of June. That is, when the old issue of Mt. Gox resurfaced, accompanied by the German government:
#BinanceHODLerBANANA #Mt_Gox_BTC_Dip #BinanceTurns7 #SOFR_Spike
