We are far from, or better yet, no longer threatened with, another Bitcoin winter. The crypto market has picked a recovery curve amid massive Bitcoin sell-offs by the German government. Today, BTC surged over $59,200, nearing its previous support at $60,000.
The surge has created buying pressure from institutions and whales. On-chain data shows that institutions offering Spot Bitcoin Exchange Traded Funds have bought over $216,400,000 worth of BTC.
Bitcoin Shows Signs of Recovery
At the time of this writing, Bitcoin’s worth is $58,572, a 1.7% increase in the last 24 hours. CoinGecko data shows that BTC’s market cap is $1.15 trillion, representing a 51.26% dominance of Bitcoin.
Spot BTC ETF on-chain data from Farside shows that institutions raked over $216.4 million worth of Bitcoin on July 9th, 2024. To that end, BlackRock’s IBIT bought 2134 BTC worth $121 million. One X user noted, “IBIT holders thank Germany for the discount.”
🚨 BlackRock buys 2134 BTC ($121m)!
IBIT holders thank Germany for the discount 😂 pic.twitter.com/iHpToJ2AUw
— Julian Fahrer (@Julian__Fahrer) July 9, 2024
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On the other hand, Fidelity’s FBTC ETF took second place with a net inflow of $90.95 million. However, Grayscale’s GBTC ETF had a single-day outflow of $37.49 million. Since the inception of Spot BTC ETFs, Grayscale performance has been worrisome.
Grayscale’s tide has changed in the last few days, with GBTC attracting crucial investments. The renewed sentiment toward ETFs contrasts with the German government’s BTC Selloff.
According to Arkham Intelligence, the German Government (BKA) wallet still has 18.11K BTC holdings worth $1.064 billion at the current market value.
As the market recovers, Northwest Capital Management has changed its attitude toward digital assets. According to a July 9 United States Securities and Exchange Commission 13F filing, the entity invested $1,775 in Q2 2024 to purchase 52 units of the BlackRock Bitcoin ETF.
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Also Read: Bitcoin Holds Above $57k; Mt. Gox & Germany Pressure Fades
