Bitfinex Alpha: Bullish signals support BTC, ETF inflows show positive growth

ChainCatcher news, Bitfinex Alpha released the latest market analysis report stating that BTC has reached a new 39-day high of $68,560, rebounding over 29% from the local low on July 5. Recent trends indicate strong bullish momentum. A key event impacting the market is the thorough liquidation of over 48,000 bitcoins by the German Federal Criminal Police Office, with the crypto market absorbing these funds, demonstrating resilience and even reigniting demand.

Additionally, ETF inflows have shown positive growth, with nearly $1.2 billion flowing in last week, marking the first positive growth since early June. One key reason for this is that prices have risen above the average cost basis of ETF holders, which is $58,200, injecting new confidence into the market.

The cryptocurrency industry is experiencing significant regulatory advancements, and once approved by the U.S. Securities and Exchange Commission, spot Ethereum ETFs from companies like Fidelity and VanEck may begin trading on the Chicago Board Options Exchange (Cboe) on July 23, 2024.