According to TechFlow, on July 22, Bitfinex Alpha released its latest market analysis report, saying that the price of Bitcoin (BTC) rebounded to $68,560, rebounding more than 29% from the low point on July 5. This trend was accompanied by five consecutive days of green closings from July 12 to 16, showing strong bullish momentum. The selling pressure from long-term holders weakened in early July, further supporting the market's rise; short-term holders also realized an increase in prices, indicating that overall buying interest and confidence among short-term holders have rebounded.
The market successfully absorbed the selling pressure of more than 48,000 BTC liquidated by the German Federal Bank, showing its resilience and demand for recovery. The profitability of miners has also improved, and the sustainability indicators of miners show that their income has returned to a reasonable level, easing further selling pressure. In terms of ETF fund inflows, nearly $1.2 billion of positive growth was recorded last week, the first time since early June.
Finally, there have been significant regulatory developments in the cryptocurrency industry. Spot Ethereum ETFs from Fidelity, VanEck and other companies will be traded on the Chicago Board Options Exchange on July 23, 2024, and some companies will waive initial fees in order to attract investors. In addition, the Hong Kong Monetary Authority is developing a regulatory framework for stablecoins, while South Korea has implemented the Virtual Asset User Protection Act, requiring exchanges to adopt a series of security measures.
