According to ChainCatcher, Bitfinex Alpha released its latest market analysis report, saying that BTC hit a 39-day high of $68,560, rebounding more than 29% from the local low on July 5. The recent trend shows strong bullish momentum. A key event affecting the market was the German Federal Criminal Investigation Bureau's complete liquidation of more than 48,000 bitcoins. The crypto market absorbed this money, showing resilience and even rekindling demand.
In addition, ETF inflows also showed positive growth, with nearly $1.2 billion inflows last week, the first positive growth since early June. One of the key reasons is that prices have risen above the average inflow cost basis of ETF holders, which is $58,200, which has injected new confidence into the market.
The cryptocurrency industry is undergoing major regulatory progress, and once approved by the U.S. Securities and Exchange Commission, spot Ethereum ETFs from companies such as Fidelity, VanEck, and others may begin trading on the Chicago Board Options Exchange (Cboe) on July 23, 2024.
