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The Bitcoin fear and greed index rallied to 74 on Monday as the underlying value spiked above $69k for the first time since early June.
Meanwhile, the 11 spot Bitcoin ETFs in the US have continued to see rising demand. Since their launch in January, these funds have accumulated a net inflow of $17.54 billion.
Bitcoin dominance has gradually risen beyond 56 percent following the poor performance of the spot Ether ETFs in the past three days.
Mt. Gox fears of a fire sale likely not the cause of recent Bitcoin price drop, analysts offer alternative explanations.
The ongoing crypto correction led by Ethereum triggered nearly $300 million in liquidations, mostly involving long traders.
Ethereum is also following the same trajectory that Bitcoin did after the approval of the spot BTC ETFs earlier this year.
The 30-day co-efficient of Bitcoin and the MSCI index for global equities is falling towards minus 0.20. This is a rare occurrence as the measure has stayed typically positive since 2020.
The US-based spot Ethereum ETFs scooped $107 million on the first day despite the notable cash outflow from Grayscale’s ETHE.
Bitcoin price could retrace to the support level above $60K before following gold and major stock indexes in further price discovery.
With the latest registered inflow, the offering’s total net flow in the last 12 trading sessions has nearly reached $2 billion.
A report from Kaiko Research said that ETH price would be sensitive to the spot Ether ETF inflows amid the poor demand for the Ethereum futures products late last year.
The German government’s sale of 50,000 BTC for $2.87 billion has removed a large supply from the market, easing selling pressure and paving the way for price appreciation.
Microsoft has acknowledged the glitch, and stated that it is working with CrowdStrike to solve the issue.
The US SEC approved the Grayscale Ethereum Mini Trust and ProShares Ethereum ETF on Wednesday with trading expected to commence next week.
On July 17, BlackRock’s Bitcoin ETF, known as IBIT, recorded the highest inflow in a single day, bringing in a total of $110.37 million.