Bitcoin managed to stay above $58,000, having had a volatile week due to various factors. The cryptocurrency experienced significant fluctuations, falling as low as $54,339 after exceeding the $59,000 level at the beginning of the week. The positive CPI report released on Thursday contributed to Bitcoin closing the week strongly; It rose by 2.15% to $58,215 in the last 24 hours.
Bitcoin, the largest cryptocurrency by market cap, managed to trade above the $58,000 level after a week full of dramatic price movements. After peaking at $59,000 at the beginning of the week, it fell to $54,339 and found balance again. This fluctuation is considered as a result of reactions to economic indicators and developments in the markets.
The US Consumer Price Index (CPI) report played an important role this week. According to the report, core CPI increased by 3.3%; However, it remained below expectations and fell short of the 3.5% forecast. This positive sentiment helped Bitcoin recover towards the end of the week. This recovery was reinforced by BTC rising 2.15% in the last 24 hours to reach $58,215.
Another important development of the week was that the German government completed selling its remaining Bitcoin assets. According to Arkham Intelligence data, the government liquidated more than $2 billion worth of Bitcoin through major exchanges such as Coinbase, Kraken and Bitstamp. This large-scale sale ended on Friday, sparking significant speculation in the market. Arkham Intelligence stated that these sales affected market dynamics. The fact that the government's main account currently has a zero balance indicates that Bitcoin reserves have been completely sold. This situation was followed carefully by analysts and investors and affected the market movements of the week.
Despite the decline at the start of the week, Bitcoin exchange-traded funds (ETFs) recorded their best weekly inflows since May. These ETFs generated $882 million in inflows in the week ending July 11, with an average daily inflow of $175 million, according to JPMorgan data cited by Bloomberg. Funds such as BlackRock and Fidelity contributed significantly to this increase, raising $403 million and $361 million, respectively.
Opposing Trends in the ETF Market
While many Bitcoin ETFs experienced large inflows, Grayscale's ETF maintained a negative trend, recording outflows of approximately $87 million during the same period. This contrasting movement highlights differences in investor sentiment and strategies in the ETF market.
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