Bitcoin is currently starting steadily, and this situation is somewhat related to the Ethereum ETF.

Bitcoin worth $200 million was later transferred from the exchange back to the German government, indicating that these assets did not enter the market.

The market's rapid bargain hunting reflects strong demand. On July 8, the Bitcoin spot ETF achieved a net inflow of $295 million, reaching a 21-day high, which provided support for Bitcoin prices.

Despite the lack of market liquidity, Bitcoin and Ethereum rebounded from their lows this week, and the market's buying behavior at low levels was very active.

The market reacted very strongly to supply changes, showing some speculative selling pressure rather than actual spot demand. This may indicate that market sentiment is overly pessimistic.

The current market needs a catalyst, and the Ethereum spot ETF is expected to start trading in mid-July. This may increase market liquidity and is expected to bring surprises to the market.

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