Bitcoin’s recovery hinges on the resumption of the spot ETF inflows and investors’ ability to compartmentalize the whale selling and focus on fundamentals.
Bitcoin opened the week with a sell-off to $110,530, but BTC and altcoin charts suggest a quick recovery to the trading range averages could occur.
Bitcoin’s Jackson Hole gains evaporated after an assortment of BTC holder cohorts began to distribute. Is $105,000 the next stop?
Crypto ETPs saw their biggest losses since March as outflows totaled $1.43 billion amid investor sentiment becoming «polarized,» CoinShares’ James Butterfill reported.
Bitpanda decided against a London IPO, with co-founder Eric Demuth citing weak liquidity on the London Stock Exchange.
UAE’s holdings were previously speculated to be as much as 420,000 Bitcoin from sources such as criminal seizures. The new figures are far less impressive.
While most look at historical patterns and Bitcoin dominance, Bitfinex analysts say that the start of an altcoin season may hinge on the launch of crypto ETFs.
Altcoins allow developers to test new functions and applications, which eventually make it onto Bitcoin, American venture capital investor Tim Draper said.
Bitcoin briefly plunged to seven-week lows below $109,000, erasing all gains since the Fed chair’s Jackson Hole speech on Friday.
Bitcoin suddenly dropped over 2% in under 10 minutes on Sunday, with crypto investors on X pointing to the actions of one very large Bitcoin holder.