According to BlockBeats, on July 4th, Lookonchain reported that nine Bitcoin spot ETFs increased their holdings by 208 BTC, equivalent to approximately 12.5 million USD. BlackRock's IBIT was among the ETFs that increased their holdings, adding 228 BTC to their portfolio. The current holdings of IBIT stand at 307,206 BTC, which is approximately 18.5 billion USD. On the other hand, Grayscale reduced its holdings by 11 BTC, equivalent to about 678,000 USD. Despite this reduction, Grayscale still holds a substantial amount of Bitcoin, with its current holdings standing at 275,260 BTC, approximately 16.5 billion USD.

According to Odaily, US-based Bitcoin mining company Riot Platforms has reportedly increased its mining hashrate by 50% within a month. This significant increase in the company's mining power demonstrates its commitment to enhancing its operational efficiency and productivity in the competitive Bitcoin mining industry. Riot Platforms' decision to boost its mining hashrate is a strategic move aimed at maximizing its Bitcoin production. The company's increased mining power will likely result in a higher yield of Bitcoin, thereby potentially increasing its market share and profitability. This development is a clear indication of Riot Platforms' dedication to strengthening its position in the Bitcoin mining sector. It also underscores the company's confidence in the long-term value and potential of Bitcoin, despite the volatile nature of the cryptocurrency market.

According to Foresight News, Bitcoin has made a significant recovery, breaking through the 60000 USDT mark. The current price stands at 60114 USDT. The 24-hour drop has narrowed down to 3.3%. This surge indicates a positive momentum for the cryptocurrency, which has been experiencing fluctuations in recent times.

According to BlockBeats, Bitcoin expansion protocol QED has announced the acquisition of seed funding valued in nine figures. The funding, amounting to $6 million, was provided by Blockchain Capital on July 3rd. The significant investment underscores the growing interest and confidence in the potential of Bitcoin expansion protocols. QED's successful funding round is a testament to the increasing recognition of the role of such protocols in enhancing the scalability and functionality of Bitcoin. The funding will likely be used to further develop and refine the QED protocol, although specific plans for the funds have not been disclosed. This investment by Blockchain Capital represents a significant endorsement of QED and its potential to contribute to the evolution of Bitcoin. This news comes amid a broader trend of increased investment in Bitcoin and related technologies, reflecting the growing mainstream acceptance of cryptocurrencies. The successful funding round for QED is a clear indication of this trend, demonstrating the willingness of investors to back innovative solutions in the cryptocurrency space.

According to Odaily, the Bitcoin network protocol RORO, also known as Rolls Royce, has officially been launched. The protocol is dedicated to the development of the SRC-20 inscription ecosystem. The officials have reported an increasing trend in the number of users, indicating a high level of community activity. The launch of RORO marks a significant step in the evolution of the Bitcoin network. The protocol aims to enhance the SRC-20 inscription ecosystem, a crucial component of the broader cryptocurrency landscape. The SRC-20 inscription is a standard used in the creation and issuance of digital assets on various blockchain platforms. The officials have noted a positive response from the community following the launch of RORO. The number of users has been on the rise, suggesting a growing interest in the new protocol. This increase in user numbers also points to a high level of community activity, a key indicator of the protocol's potential success. The launch of RORO and its focus on the SRC-20 inscription ecosystem is expected to bring about significant changes in the Bitcoin network. However, the full impact of these changes will only become apparent as the protocol continues to be adopted and utilized by the community.

According to BlockBeats, Markus Thielen, the founder of 10x Research, has estimated in his latest report that the average entry price for Bitcoin ETF buyers is between $60,000 and $61,000. He suggests that retesting this level could trigger a wave of liquidations. Thielen stated that when Bitcoin fell to $56,500 on May 2, BlackRock claimed that 'sovereign wealth funds and pension funds' were about to enter the market, which helped to halt the decline. However, BlackRock now states that 80% of the funds invested in the IBIT ETF come from retail investors, not institutions.

According to Odaily, Marathon Digital, a Bitcoin mining company, has released an unaudited update on Bitcoin production and miner installation for June 2024. As of June 30, 2024, the company holds a total of 18,536 unrestricted BTC. In a strategic move, Marathon Digital chose not to sell any Bitcoin in June. The company's balance sheet shows a holding of $268 million in cash and cash equivalents, with unrestricted cash and cash equivalents, and the combined balance of Bitcoin amounting to $1.4296 billion. This financial update provides an insight into the company's strategic decisions and financial health, reflecting its commitment to holding Bitcoin assets and maintaining a strong cash position.

According to Cointelegraph: Bitcoin (BTC) has been in a downtrend since the beginning of June, struggling to gain upward momentum despite positive ETF inflows. The Bitcoin price fell below the $60,000 psychological mark on July 3, threatening to prolong the current price consolidation as Mt. Gox potentially starts releasing $9 billion worth of BTC. BTC/USD, 1-day chart. Source: CoinMarketCap Main Takeaways: 1. Price Decline:   - Recent Drop: Bitcoin fell 4.2% in the 24 hours leading up to 10:33 am UTC on July 3, reaching a local bottom of $59,600.   - Weekly Performance: The cryptocurrency is down 1.8% on the weekly chart, according to CoinMarketCap.   - Quarterly Decline: Bitcoin has logged a nearly 18% decline during the second quarter of 2024. Bitcoin: spent volume. Source: Charles Edwards 2. Mt. Gox Repayments:   - Potential Impact: The decline below $60,000 may be attributed to the potential start of Mt. Gox creditor repayments, expected in early July.   - Bitcoin Transfer Volume: A significant volume of Bitcoin, last moved during the past seven to 10 years, has been transferred on-chain, suggesting Mt. Gox distributions are beginning.   - Creditor Repayments: More than $9.4 billion worth of Bitcoin is owed to approximately 127,000 Mt. Gox creditors. BTC whale transfers to Binance. Source: Lookonchain 3. Whale Activity:   - Large Sale: An unknown whale sold $180 million worth of Bitcoin within three minutes, contributing to the price decline.   - Binance Deposit: Another whale deposited 1,723 BTC worth over $168 million to Binance, indicating a potential sell-off. BTC/USD, price and aggregated funding chart. Source: Zaheer Detailed Analysis: Price Decline and Market Sentiment: - Psychological Support: The $60,000 mark has been a critical psychological support level for Bitcoin. Falling below this level could signal a longer price correction. - Investor Expectations: Investors have been eagerly anticipating a breakout above the $70,000 mark to pave the way toward new all-time highs. Losing the $60,000 support could dampen these expectations. Mt. Gox Repayments: - Historical Context: Mt. Gox, a defunct crypto exchange, has been in the process of repaying creditors who have been waiting for over 10 years to recover their funds. - On-Chain Activity: Charles Edwards, founder of Capriole Investments, noted an enormous sum of Bitcoin moved on-chain, 10 times more than previous highs, suggesting Mt. Gox distributions are underway. - Market Impact: The release of $9 billion worth of Bitcoin could lead to significant selling pressure as creditors may cash out their decade-old profits. Whale Activity: - Large Sell Orders: The sale of $180 million worth of Bitcoin within three minutes by an unknown whale created substantial downward pressure on the price. - Binance Deposits: The transfer of 1,723 BTC to Binance by another whale suggests an intention to sell, further contributing to the price decline. Potential Absorption by ETFs - Institutional Inflows: Despite the potential selling pressure from Mt. Gox repayments, institutional inflows to U.S.-based spot Bitcoin ETFs could absorb some of the impact. Bitcoin ETFs, net flows. Source: Dune - ETF Holdings: Since their launch in January, these ETFs have amassed over $52.5 billion worth of BTC, according to Dune. Bitcoin's recent decline below the $60,000 mark can be attributed to a combination of factors, including the potential start of Mt. Gox creditor repayments and significant whale activity. The release of $9 billion worth of Bitcoin from Mt. Gox could lead to increased selling pressure, while large sell orders from whales have already contributed to the price drop. However, institutional inflows to Bitcoin ETFs may help absorb some of the selling pressure. As the market navigates these dynamics, the $60,000 level remains a critical support to watch, with potential implications for Bitcoin's price trajectory in the coming months.

According to Odaily, Charles Edward, the founder of the digital asset hedge fund Capriole Investments, has suggested that Mt.Gox, the infamous cryptocurrency exchange, may have started repaying its creditors. Edward disclosed data indicating a significant movement of Bitcoin on the blockchain, with the volume of movement being ten times higher than the previous peak. This suggests that the distribution from Mt.Gox may indeed have begun. The Mt.Gox exchange, once the largest Bitcoin exchange in the world, collapsed in 2014 after a massive hack that resulted in the loss of 850,000 Bitcoins. The exchange has since been in a long and complex legal process to repay its creditors. The recent movement of Bitcoin on the blockchain, as indicated by Edward, could be a sign that the repayment process has finally started. However, it is important to note that this information is based on Edward's interpretation of the data and has not been officially confirmed by Mt.Gox or any other official source. Therefore, while the data suggests a significant movement of Bitcoin, it is not definitive proof that Mt.Gox has begun its repayment process. Further updates and official confirmations are awaited to provide a clearer picture of the situation.

According to Odaily, Glassnode has reported a certain degree of fear and pessimism among digital asset investors as the price of Bitcoin drops to the $60,000 region. This sentiment often arises when market volatility stagnates and tends towards silence, causing investors to become numb. Despite this, from the perspective of the MVRV ratio, the overall profitability of investors remains very strong, maintaining an average of 2 times the profit multiple, while most short-term holders are in a loss state. Many volatility indicators have significantly decreased, indicating that greater volatility is imminent.

According to Odaily, Deutsche Digital Assets has announced the launch of a new Bitcoin Macro Exchange Traded Product (ETP). This new financial instrument provides investors with a novel way to gain exposure to the Bitcoin market. The Bitcoin Macro ETP is a type of investment fund and exchange-traded product, traded on a national stock exchange. It is designed to track the performance of Bitcoin, allowing investors to speculate on the price movements of this popular cryptocurrency without the need to directly own it. This announcement by Deutsche Digital Assets marks a significant development in the cryptocurrency market, offering a new avenue for investors to participate in the Bitcoin market. It is expected to attract a wide range of investors, from individuals to institutional investors, who are looking for a regulated and transparent way to invest in Bitcoin.

According to Odaily, in its latest market report, 10x Research has indicated that the combination of Bitcoin's long-term technical aspect, on-chain signals, flow (especially from miner inventory), and market structure data could potentially outweigh bullish arguments stemming from the US presidential election and eventual rate cuts, at least in the short term. Bitcoin has returned to the range of 60,000 to 61,000 US dollars, and a break below this range could lead to liquidation. During periods of extremely low trading volume, timely rebounds over the past weekend have triggered multiple upward liquidations (shorts being stopped out). The simple attempts to trigger these stop losses were successful, but the upward risk brought by short covering has now decreased, and the downward risk has materialized. Yesterday, 10x reiterated its medium-term view that the market will further correct downwards. This suggests that the cryptocurrency market, particularly Bitcoin, may face a period of adjustment and potential decline in the near future.

Eric Balchunas, a senior analyst at Bloomberg ETF, has observed that despite the broader decline in the cryptocurrency market, Bitcoin ETFs have continued to experience strong net positive flows. This resilience speaks to the sustained investor confidence in Bitcoin ETFs, even amid market turbulence. Main Takeaways: 1. Net Positive Flows:   - Daily, Weekly, and Monthly: Bitcoin ETFs have consistently achieved net positive flows across different time frames.   - Year-to-Date Stability: As of now, year-to-date net flows have stabilized at +$14.6 billion, indicating robust investor interest and activity. 2. Market Resilience:   - Pullback Phase: Despite being in a "pullback" phase, Bitcoin ETFs have demonstrated resilience, maintaining strong inflows.   - **Investor Sentiment:** The continuous positive flows during a market decline suggest that investors are still bullish on Bitcoin's long-term potential. Detailed Analysis: Consistent Inflows: - Short-Term Trends: Both daily and weekly net positive flows indicate that Bitcoin ETFs are attracting continuous interest from a diverse range of investors. - Long-Term Stability: The stable year-to-date net inflow of +$14.6 billion highlights the sustained confidence in Bitcoin ETFs as a viable investment vehicle, mitigating short-term market fluctuations. Commentary from Eric Balchunas: - Observation: “I would have thought that this would be the case earlier during the market decline, but during this period, the year-to-date net flows have stabilized at +14.6 billion, which is a good sign. The Bitcoin ETF has remained strong during the 'pullback' phase.” - Implications: Balchunas's insights indicate that the current market behaviour underscores growing institutional and retail interest in Bitcoin ETFs as a strategic investment, even in volatile conditions.

According to CoinDesk, Bitcoin and other major cryptocurrencies experienced a significant drop during Asian trading hours, reversing the gains made earlier in the week. This price drop is partly attributed to concerns about large Bitcoin sales from the defunct Mt. Gox exchange, which is set to distribute assets stolen in a 2014 hack later this month. Bitcoin led the declines in Asian trading hours as major tokens wiped out gains made at the start of the week. Bitcoin dropped to $60,900 from over $62,000 shortly after Tokyo markets opened, with losses of up to 3% across ether, Solana's SOL, and dogecoin. XRP was little changed while Cardano's ADA pared some gains from a Tuesday rally as its development foundation published certain indicators to comply with European regulatory requirements. The CoinDesk 20, a liquid index of the biggest tokens, has fallen more than 1.7% in the past 24 hours. The declines came as U.S.-listed exchange-traded funds tracking bitcoin recorded outflows of $13 million, breaking a five-day streak of inflows. Singapore-based QCP Capital suggested that concerns about large Bitcoin sales following distributions by the defunct Mt. Gox exchange likely contributed to the bearish sentiment. Mt. Gox is set to start distributing assets stolen from clients in a 2014 hack in July 2024, after years of postponed deadlines. The repayments will be made in bitcoin and bitcoin cash, potentially adding selling pressure to both markets. Despite the short-term turbulence, some traders maintain a long-term bullish outlook, with expectations of a rally of up to $150,000 after the Mt. Gox distribution is completed. Tom Lee, the head of research at Fundstrat Global Advisors, expressed optimism about a sharp rebound in the second half, expecting Bitcoin to reach $150,000 in 2024 due to demand from the spot ETFs, the reward halving, and Federal Reserve interest-rate cuts.

According to Odaily, QCP Capital has expressed in its market analysis that investors are worried about the potential market pressure that could be caused by the distribution of Bitcoin by Mt.Gox. This concern could potentially fuel a bearish sentiment in the market. QCP Capital stated, 'The release from Mt.Gox, which is expected to start this week, could continue to put pressure on the market with as many as 140,000 Bitcoins, especially since the exact release schedule is still unknown.' Previously, it was reported that Mt.Gox would distribute nearly $9 billion worth of 142,000 Bitcoins to its creditors between July and October. The uncertainty surrounding the exact timeline of this distribution is causing unease among investors, who fear that the sudden influx of such a large amount of Bitcoin into the market could lead to a significant drop in its value. This fear is contributing to a growing bearish sentiment in the market, which could potentially impact the overall performance of Bitcoin in the coming months.

According to Odaily, Anthony Pompliano, the founder of Pomp Investments, has shared his observations on Bitcoin holders' behavior during a recent interview with Fox Business. He noted that most Bitcoin holders do not choose to sell when the price drops. Instead, they actively buy more during these periods of decline. This insight into the mindset of Bitcoin investors suggests a strong belief in the long-term value of the cryptocurrency, despite short-term market fluctuations. It also indicates a level of resilience among Bitcoin holders, who appear to view price drops as buying opportunities rather than causes for panic selling. Pompliano's comments provide a snapshot of the current sentiment among Bitcoin investors. It is a testament to the enduring appeal of Bitcoin, even in the face of market volatility. This behavior of Bitcoin holders could potentially influence the overall market dynamics, reinforcing the strength and stability of the cryptocurrency.

On Jul 03, 2024, 03:13 AM(UTC). According to Binance Market Data, Bitcoin has dropped below 61,000 USDT and is now trading at 60,918.351563 USDT, with a narrowed 3.36% decrease in 24 hours.

According to BlockBeats, data from Farside Investors on July 3rd revealed a significant net outflow from American Bitcoin spot ETFs. The net outflow recorded was $27.8 million. Grayscale's GBTC saw a net outflow of $32.4 million. Bitwise's BITB also experienced a net outflow, amounting to $6.8 million. However, not all Bitcoin spot ETFs experienced outflows. Fidelity's FBTC saw a net inflow of $5.4 million, ARKB had a net inflow of $2.5 million, and VanEck's HODL recorded a net inflow of $3.5 million. BlackRock's IBIT and other ETFs maintained a net flow of zero, indicating no significant inflows or outflows. The data suggests a mixed sentiment among investors towards Bitcoin spot ETFs, with some funds experiencing outflows while others saw inflows.

According to Odaily, CleanSpark, a Bitcoin mining company, reported an increase in its Bitcoin production in June. The company produced 445 Bitcoins, a significant rise from the 417 Bitcoins mined in May. Additionally, CleanSpark disclosed that it sold 8.06 Bitcoins in June at an average price of approximately $67,514 per Bitcoin. This information indicates a positive trend in the company's Bitcoin mining and sales operations. However, the specific impact of this increase on the company's overall financial performance is not detailed in the report.

On Jul 02, 2024, 14:42 PM(UTC). According to Binance Market Data, Bitcoin has dropped below 62,000 USDT and is now trading at 61,978.011719 USDT, with a narrowed 1.40% decrease in 24 hours.