The German state of Saxony has been selling seized Bitcoin in recent weeks, putting pressure on the market
The bearish sentiment in spot prices has not discouraged institutional investors seeking to invest in Bitcoin.
Bitcoin [BTC] extended its rebound momentum on July 10, rising sharply above $58,000, with crypto markets showing a sense of calm. However, negative market sentiment has yet to subside, with the Crypto Fear & Greed Index hovering in the “fear” zone.
The current “fear” index highlights the rapid shift in market sentiment, as the index hovered in “neutral” territory last week and in “greed” territory last month.
The German state of Saxony released more BTC in a series of transactions on July 9. The state’s criminal police department (LKA) had confiscated 49,857 BTC from the operators of Movie2k.to in January.
German police authorities have been dumping the coins on the market in accordance with guidelines for seizing assets in criminal investigations.
So far, the German government has transferred more than half of its initial holdings to exchanges and other market makers.
According to Arkham Intelligence, as of now, the German Federal Criminal Police Office (BKA) wallet balance is 22,847 BTC.
Interestingly, recent downward volatility in spot prices has not diminished the appeal of Bitcoin funds.
On July 8, 11 U.S.-listed spot Bitcoin ETFs received cumulative inflows of $295 million, the highest single-day net flow since June 5, when the Bitcoin price broke through $70,000.
Additionally, all ETFs recorded no outflows on the day, but three ETFs (Valkyrie Bitcoin Fund, Franklin Bitcoin ETF, and WisdomTree Bitcoin Fund) saw no activity.
Despite investors pulling out of the Grayscale Bitcoin Trust and the Bitwise Bitcoin ETF on July 9, total net flows remained positive.
These steady ETF inflows amid depressed prices suggest that institutional investors are taking advantage of the current market volatility to accumulate.
Institutional-focused crypto investment products are also gaining popularity outside the United States and Europe.
In Australia, DigitalX announced that its cash ETF product has been approved and will be listed on the Australian Securities Exchange (ASX) on July 8.
The DigitalX Bitcoin ETF will be listed under the ticker BTXX and is expected to begin trading on July 12, the investment firm said in an announcement on X.
VanEck’s similar product, the VanEck Bitcoin ETF (VBTC), received regulatory approval on June 15 and five days later became the first spot Bitcoin ETF to trade on the Australian Securities Exchange.
More potential issuers, including Sydney-based capital markets firm BetaShares, are expected to list their bitcoin ETF products on Australia’s main stock exchange by the end of the year.
On July 9, Bitcoin led altcoins in a modest market recovery, reaching an intraday high of $58,239 according to CoinMarketCap data. Speculators are now turning their attention to resistance around $60,000.
On the daily chart, the $55,000-$57,500 range formed a base for BTC/USDT last week, with key support around $56,600, in line with the early May lows.
Clearing this range would put Bitcoin on the path to recover key trendlines lost last week, including the 200-day simple moving average (MA), currently at $58,240.
While further gains to $60,000 are still possible, gains from the bullish reversal are likely to be short-term and short-lived.
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