Bitcoin Continues Sideways Despite $21M ETF Inflow On Wednesday

Murtuza Merchant

June 27, 2024

Bitcoin spot ETFs reported a total net inflow of $21.5187 million on June 26, but inflow did not manage to erase underlying anxieties within the cryptocurrency market.

What Happened: According to data from SoSo Value, the Fidelity ETF (BATS:FBTC) saw a significant single-day inflow of $18.6093 million, pushing its total net inflow to $9.185 billion.

Meanwhile, the Grayscale ETF (OTC:GBTC) GBTC recorded a daily inflow of $4.3306 million, contributing to the overall uptick.

Also Read: U.S. Offers $5M Reward For Information On Crypto Fraudster Ruja Ignatova

Why It Matters: This resilience is particularly noteworthy given recent developments, including the U.S. government’s transfer of 3,940 BTC to Coinbase Prime (NASDAQ:COIN) following approval for liquidation.

QCP Capital suggests several reasons for Bitcoin’s strong support at $60,000.

Firstly, the German government appears to be slowing its BTC transfers to exchanges, with only 250 BTC sent recently.

This could indicate the approaching end of their current selling regime.

Secondly, Bitcoin Spot ETFs have reported net inflows of $52.4 million over two days, breaking a streak of seven consecutive days of outflows.

These developments have led some analysts to speculate that the market may have largely priced in potential sell-offs, such as the anticipated Mt. Gox release.

As a result, some traders are considering strategies to accumulate Bitcoin, with QCP Capital proposing a BTC Accumulator trade idea.

This strategy involves buying BTC spot at an 11.11% discount ($54,000) weekly, with an expiry set for Nov. 8, 2024.

The Bitcoin market has been trading largely sideways since its Monday drop, with one BTC changing hands for $61,160 at the time of writing.

What’s Next: As the cryptocurrency market continues to evolve, events like Benzinga’s Future of Digital Assets become increasingly crucial for investors seeking to navigate this complex landscape.

The upcoming Nov. 19 event is expected to provide further analysis on these market trends and potential investment strategies.

Read Next: Uncle Sam On The Move: US Government Transfers Millions In Bitcoin To Coinbase

Image: Shutterstock

Recommended

Revealed: AI Keeps Leading Famous Trader to New Tickers - Ad

Maximize Your Profits, Trade the Weekends With Tim Sykes! - Ad

One Billionaire's Genius Plan to Save the US Dollar From Collapse? - Ad

Popular

What's Going On With Annovis Shares Today?

Annovis Bio shares rise in premarket trading on positive Phase III Parkinson's study results for buntanetap, showing cognitive improvements and stability compared to placebo.

China Files 6X More Generative AI Patents Than US Despite Nvidia Chip Export Ban: UN Report

China has surged ahead in the global race for generative AI patents, according to a recent UN report, in the face of U.S. sanctions.

America's 'Silent Invasion' - Is Your Town in the Crosshairs?

America's 'Silent Invasion' - Is Your Town in the Crosshairs? - Ad

A silent invasion is happening all over America. It has nothing to do with the border but will end with even more disastrous results. Why? A faceless entity is coming by air, rail, port, and highway. What does it mean for you and your money? There's still time to prepare, but you must act today.

Why Is Vaccine Maker Emergent BioSolutions Stock Trading Higher On Tuesday? (UPDATED)

Emergent BioSolutions has secured over $250 million in contract modifications from the ASPR at the U.S. Department of Health and Human Services. The funding ensures the supply of critical medical countermeasures, including Cyfendus for anthrax, ACAM2000 for smallpox, VIGIV for smallpox vaccine complications, and BAT for botulism.

Green Dreams vs. AI Reality: Google's Emissions Soar Amid Tech Expansion

Alphabet Iowned Google saw a nearly 50% surge in emissions over the past five years due to AI integration, challenging its 2030 carbon elimination goal. Google's 2023 emissions reached 14.3 million metric tons of CO2 equivalent, 48% higher than in 2019.

Seven Unknown AI Stocks That Could Dominate the Next Six Years

Seven Unknown AI Stocks That Could Dominate the Next Six Years - Ad

The original "Magnificent Seven" stocks generated 16,800% over the last 20 years. But now a new set of AI stocks is set to take over. Alex Green dubs them "The Next Magnificent Seven." And he's arguing that just $1,000 in each could turn into more than $1 million in less than six years.

Federal Court Dismisses Marijuana Companies' Lawsuit Against Government Prohibition

Federal court dismisses marijuana companies' lawsuit against federal prohibition, citing Supreme Court precedent.

Why Is Bitcoin Down To $60K Today?

Bitcoin (CRYPTO: BTC) has experienced a sharp decline in early Asian trading hours, dropping from $62,000 to $59,544, marking an over 4% decrease.

Man Who Called Tesla at $37 Makes Next "Crazy" Call

Man Who Called Tesla at $37 Makes Next "Crazy" Call - Ad

The man who called Tesla when it was trading for $37 per share just made his next big call: "This might sound weird, but a tiny golf ball just like this......Holds the key to solving our energy crisis, and I believe it's the #1 investment opportunity of the decade."

Why Poet Technologies Stock Is Up Today

POET Technologies shares are trading higher Monday. The company announced Friday that it has been selected as winner of the "Best Optical AI Solution" award in the seventh annual AI Breakthrough Awards program.

Nasdaq, S&P 500 Futures Flat Ahead Of Jobs, Services Sector Data; Tesla Rises: Analyst Sees Further Gains For US Stocks

Trading in the index futures reflects cautious optimism among traders following the market’s record run. Wednesday’s session is abbreviated, with the stock market closing at 1 p.m.

Your Second Chance to Profit from AI

Your Second Chance to Profit from AI - Ad

If you missed out on Nvidia, don't worry. A 244-year-old pattern is about to trigger a $25.6 trillion AI surge... And send three overlooked stocks soaring 1,000%+

Bill Gates Hired Steve Ballmer As The First Business Manager At Microsoft And Now Is Behind Him On The Billionaire's Index, Thanks To AI

Steve Ballmer has surpassed Bill Gates to become the wealthiest former CEO of Microsoft Corp, riding on the back of the company's AI-driven stock rally.

What's Going On With Nvidia, Semiconductor Peers Monday?

Nvidia faces charges from French regulators, while stock prices for NVDA and AMD drop. Both companies have been affected by increased AI chip demand.

"America's No. 1 Retirement Stock" (Name Inside)

"America's No. 1 Retirement Stock" (Name Inside) - Ad

According to the former Goldman Sachs VP -- who wrote a best-selling book on retirement -- one single stock stands head-and-shoulders above all others. And it should be the cornerstone of your portfolio. Have you heard of it?

Is Kamala Harris The Answer To Joe Biden's Shortcomings? Poll Hints At Voter Sentiment Toward Possible Replacement Candidate

Joe Biden's debate stumble sparks Democratic anxiety over potential successor Kamala Harris amid ongoing scrutiny and party divisions.

Why Pitney Bowes Shares Are Shooting Higher today

Pitney Bowes shares up on update of cost rationalization initiative, $70M in savings identified. The cost cuts are anticipated to be largely reflected in second half of 2024 pre-tax earnings and fully reflected in 2025.

Joe Biden Facing Political "Knockout" In Weeks?

Joe Biden Facing Political "Knockout" In Weeks? - Ad

Weeks from now, we are expecting Joe Biden to make a historical announcement... It will change everything about the coming 2024 election. In short: Joe Biden is facing a new political scandal like no other ... And the shocking thing is, his own party is behind it. It doesn't matter if you're not a political junkie. It doesn't matter who you are voting for. The implications of this sinister turn of events will impact YOUR money, perhaps immediately...

Mississippi Judge Upholds State Law Mandating Drug Discounts for Low-Income Patients

A Mississippi judge upheld a state law requiring drugmakers to offer discounts on medications through third-party pharmacies for low-income populations, rejecting lawsuits from PhRMA and Novartis.

Elon Musk Reacts To Footballer Isaiah Simmons' White Tesla Cybertruck Parked Up In Manhattan: 'Nice'

Tesla CEO Elon Musk thinks matte white is a good look on his EV company's stainless steel Cybertruck.

Wall St. Icon: Looming Financial Tsunami Will Wipe Out the 1%

Wall St. Icon: Looming Financial Tsunami Will Wipe Out the 1% - Ad

Wall Street icon who forecasted Black Monday and dot-com crash says a new economic event will hit the American economy like a tsunami. It doesn't matter if you're blue collar, white collar, working, or retired. He says, "I am literally afraid for my family's future. I'm taking drastic steps to prepare for what I know will inevitably happen next."

Powerball Winnings Gone: What Happens To Unclaimed Lottery Tickets

Powerball winners often take home tens to hundreds of millions of dollars. Tickets that are lost or not claimed in time end in a different result.

Verizon, AT&T, And T-Mobile Set For Gains, Goldman Sachs Cites AI and Data Center Demand

Goldman Sachs analyst James Schneider initiates coverage on US Telecom Services and infrastructure sector, constructive on wireless carriers and data centers.

Discover "U.S.'s New Money" Before Biden Wins

Discover "U.S.'s New Money" Before Biden Wins - Ad

A new form of money has emerged in America, and it's making some folks wildly rich... (Musk and Bezos both use it). Find out how you can too in this free video.

Tommy Tuberville Sells Several Large Stock Positions, Makes New Buys: Here's What The US Senator Is Betting On Now

Senator Tommy Tuberville disclosed numerous stock trades on Friday June 14. A look at some of the key highlights.

Google Makes Major Solar Move, Acquires Stake In Taiwan-Based New Green Power Owned By BlackRock

Alphabet Inc.'s subsidiary Google has purchased a stake in a Taiwanese solar power company. The deal, which involves New Green Power, a firm owned by BlackRock, could see Google procure up to 300 megawatts of renewable energy.

A Silent Invasion of America

A Silent Invasion of America - Ad

America's southern border is in chaos, but a more alarming invasion is occurring nationwide. This unprecedented event will reshape the country dramatically, equating to 300 years of change in just 24 months. I've discovered startling facts that every American must know before it's too late.

8 Large Cap Stocks That Outperformed Nvidia Over The Past Year

Nvidia surged 217.58% over the past year, 173.78% year-to-date. Here are eight large-cap stocks that outperformed it this past year.

Trump Is Raising Enough Money To Wipe Out Biden's Once Significant Cash Advantage

The campaign of former President Donald Trump has seen a significant increase in donations, surpassing that of President Joe Biden, following Trump's felony conviction.

Weekend Gains Await You With Tim Sykes!

Weekend Gains Await You With Tim Sykes! - Ad

Volatility is your ally in weekend trading with Tim Sykes' strategy. Unlock your potential and turn market swings into profit. Start trading now!

Boeing Faces Sanctions From NTSB Over Unauthorized Release Of 737 MAX Investigation Details

The NTSB's action further strains the relationship between Boeing and government agencies, amid the planemaker's efforts to avoid criminal charges from the U.S. Department of Justice (DOJ) before a July 7 deadline.

Hawaii: Cannabis Decriminalization Bill Fails Amid Unified Legislative Opposition

The cannabis decriminalization bill, SB2487, faced rejection from both supporters and detractors in Hawaii's state legislature

"If I Had To Pour Every Single Penny of My Retirement Into Just ONE STOCK..."

"If I Had To Pour Every Single Penny of My Retirement Into Just ONE STOCK..." - Ad

The former Goldman Sachs VP -- who called everything from Microsoft's 1,100% surge... to the death of the 60/40 portfolio -- is now stepping forward with his most explicit message yet: "Make this ONE STOCK the cornerstone of your portfolio."

US Stocks Set For A Lower Start As Sentiment Sours Ahead Of Powell's Speech, JOLTS Data, And Tesla Q2 Data: 'There's Still An Upward Tilt To The Equity Market,' Says Analyst

Wall Street is priming for a moderately lower opening on Tuesday after soft data helped the tech-heavy Nasdaq Composite close at another record high in the first trading session of the year’s second half.

Wheels Up Stock Is Rallying Tuesday: What's Driving The Action?

Wheels Up Experience Inc (NYSE:UP) shares are surging. The company on Tuesday announced a new streamline product portfolio in connection with Delta Air Lines Inc (NYSE:DAL), a strategic partner of the on-demand private aviation company.

Nvidia Is Pivoting to Solve Big Tech's $1 Trillion Problem

Nvidia Is Pivoting to Solve Big Tech's $1 Trillion Problem - Ad

Nvidia is the hottest company in the world thanks to its chip business. But here's the thing: Nvidia is making a massive $1 trillion pivot ... To solve AI's biggest problem. But it's not making this move by itself. A new set of companies are partnering with Nvidia in this trillion-dollar venture.

Following Debate, Latest Poll Among Democrats Signals Major Trouble For Joe Biden â€” Although There's One Silver Lining

According to a recent poll, a majority of voters have expressed their belief that President Joe Biden should be replaced as the Democratic candidate.

Biden In Trouble: Trump Dominates Swing States, Ties In New Battleground State Won By Democrats In 12 Straight Presidential Elections

A new 2024 election poll makes a change to what the top seven swing states are. The move and poll results could have Joe Biden worried.

Man Who Called Nvidia at $1.10 Says Buy This Now...

Man Who Called Nvidia at $1.10 Says Buy This Now... - Ad

In 2004, a man predicted Nvidia's rise. Now, he says a new company, which IPO'd in 2023, could soar like Nvidia. It signed a major deal with Apple for its AI tech in iPhones and iMacs. Could it be the next trillion-dollar company? See why he believes it's among "The Next Magnificent Seven."

Tesla's Chinese Rival NIO Unveils Fourth-Generation Battery Swap Stations With Nvidia Chips, Multi-Brand Support: Report

NIO debuts advanced fourth-gen battery swap stations with NVIDIA chips, enabling autonomous capabilities and faster service, revolutionizing electric vehicle charging infrastructure in China.

Trending Now