TL;DR
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From Jul 5th-17th (not including weekends), roughly $2B flowed into the Bitcoin ETFs, moving the price per BTC up a cool $11k in the process.
Full Story
If you were wondering where the new uptick in crypto prices has come from, this is a major reason:
From July 5th – July 17th (not including weekends), roughly $2B flowed into the Bitcoin ETFs.
(And when Bitcoin moves, so does the rest of the crypto market).
This current streak is the longest we’ve seen in more than a month, back when inflows were positive for 19 days, between May 13 and Jun 7.
In that time, Bitcoin moved from ~$63k to ~$71k, which read like much more impressive numbers — but don’t let them fool you!
Last month’s run saw about an $8k move in price per BTC from top to bottom.
In this latest run up, we’ve moved from ~$54k to ~$65k — clocking a (rough) $11k move up in price per BTC in half the time, and adding $230B to Bitcoin’s market cap in the process.
Cool, so what’s the takeaway?
Sure, we moved from ~$71k to ~$54k over a two month period, but the latest recovery has been much faster, and covered more ground.
This increased momentum from buyers indicates greater trust in the near-term future of the market, which should mean more price resilience in the coming months.
All of which should translate to less stressing over our portfolios, and better nights sleeps.
(Thank god).
