The positive streak of the Bitcoin ETF was broken, but the price shows fortress
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The price of Bitcoin (BTC) had a fall, but quickly recovered.
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BTC’s direct institutional purchases are surpassing purchases through ETF.
Bitcoin ETF fever (BTC) in the United States stopped abruptly yesterday, July 1, when capital outflows exceeded revenues for the first time after 15 green days.
After accumulating 4.7 billion dollars in net tickets during that period, the funds registered an exit of 342 million dollars, marking the end of a positive streak.
The Ishares Bitcoin Trust (ibit) background of Blackrock, that had captured 3.8 billion dollars in the last 15 daysdid not record input flows or exit yesterday.
For its part, the Fidelity Wise Origin Bitcoin Fund (FBTC) led the exits with 172 million dollars, followed by the Grayscale Bitcoin Trust (GBTC) with 119 million, the ARK 21Shares Bitcoin ETF (ARKB) with 27 million and the Bitwise Bitcoin ETF (BITB) with 23 million.
“This marks a pause in institutional accumulation, but not necessarily a trend change,” said Valentin Fournier, main blockhead analyst Research Network (BRN).
Despite the exits, the price of Bitcoin showed resilience. After falling to $ 105,000, he quickly recovered to $ 107,800.
The ETFs in cash, which buy and maintain Bitcoin to support their actions, directly influence the dynamics of digital currency. When investors withdraw capital, managers can sell part of their holdings to cover redemptions, which generates bearish pressure on the value of the asset if the demand does not compensate for the increase in the offer.
However, a new actor is counteracting this pressure: The companies that invest in Bitcoin have intensified their direct purchases of BTCovercoming the acquisitions of the ETF by the third consecutive trimester.
In the second quarter, These companies acquired 131,000 BTC, an 18% increase in their reservationscompared to the 111,000 BTC added by the ETFs, which grew by 8%, as cryptootics made it known.
Therefore, the consolidation of the price of Bitcoin between $ 105,000 and $ 110,000 reflects an upward trend. The entry of new institutional actors or greater regulatory clarity could rekindle the impulse in the market, maintaining the strength of the currency despite the pause in the ETFs.
