Bitcoin stabilizes at $61,000 as Defi platform liquidations top $1 million

Bitcoin spot ETFs had $31 million inflows on Tuesday, ending seven days of losses.

US Congressman Matt Gaetz proposes Bitcoin Federal Income Tax payments.

The German government's transfer of 400 BTC worth $24.34 million to exchanges on Tuesday, after 1700 BTC last week, may hurt Bitcoin's price.

Bitcoin (BTC) trades beyond $61,000 on Wednesday after rising 2.6% on Tuesday as the crypto market rebounds. Bitcoin spot ETFs saw $31 million inflows on Tuesday, ending a seven-day outflow skid. In the US, Congressman Matt Gaetz suggested legislation allowing Bitcoin federal income tax payments, while in Europe, the German Government transferred 400 BTC worth $24.34 million, adding to selling pressure.


On Tuesday, Bitcoin spot ETFs witnessed $31 million inflows, snapping a seven-day outflow skid of $1.13 billion, according to Coinglass. ETF inflows signal rising institutional and retail interest in the cryptocurrency, which might affect pricing and market behavior. The 11 spot BTC ETFs possess $51.73 billion in Bitcoin.
USD Bitcoin Spot ETF Net Inflow chart


Arkham Intelligence evidence suggests the German Government moved 400 BTC worth $24.34 million from its wallet to Coinbase and Kraken exchanges in the recent hours. German authorities sent 1,700 BTC worth $110.88 million to Coinbase, Bitstamp, and Kraken last week. Large transfer activity may have increased traders' FUD (Fear, Uncertainty, Doubt), leading to Bitcoin's 4.6% price drop on Monday.


The German government exchanged 400 BTC at Kraken and Coinbase in two hours.


Bitcoin fell 7.5% from $63,369 to $58,402 on Monday after breaking below the falling wedge. BTC rose 5.8% to $61,806 on Tuesday after retesting its weekly support around $58,375. Bitcoin is now trading at $61,654, down 0.2% on Wednesday.


Bitcoin may face resistance at various levels if weekly support around $58,375 persists.

#BTCFOMCWatch #CryptoPCEWatch $BTC #BTC