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Bitcoin holds in a range as ETF inflows and whale buying build
SoSoValue data cited by Yahoo Finance shows $500 million deposited into Bitcoin ETFs last week, ending with a $75 million net inflow.
Bitcoin has traded in a relatively range-bound pattern in recent days as investors weigh the latest US inflation report and persistent geopolitical tensions, according to Yahoo Finance.
The article says the odds of a Federal Reserve rate increase in September have eased, with FedWatch indicating the chance the federal funds rate stays in a 350 to 375 basis point range rose to 36%, after a 25% weekly increase.
Yahoo Finance also points to continued demand via Bitcoin-linked ETFs, citing a four-day streak of positive net inflows. It adds that SoSoValue data shows investors deposited $500 million into these vehicles last week, closing with a $75 million net inflow.
On-chain data from Santiment is cited for whale activity, with wallets holding 1 to 100,000 BTC increasing their holdings by 20,000 tokens, valued at more than $1.30 billion. The article also references the 200-day exponential moving average near the $74,000 area as a key technical level Bitcoin could test.
Latest closeBitcoin $63,924.53 ▼1.4%