TechFlow news, on July 22, Bitfinex Alpha released its latest market analysis report stating that Bitcoin (BTC) price has rebounded to $68,560, rising over 29% from the low point on July 5. This movement was accompanied by five consecutive green closes from July 12 to July 16, indicating strong bullish momentum. The selling pressure from long-term holders weakened in early July, further supporting the market's upward trend; meanwhile, the realized price for short-term holders also increased, suggesting a recovery in overall buying interest and confidence among short-term investors.
The market has successfully absorbed the selling pressure from Germany’s central bank liquidating over 48,000 BTC, demonstrating resilience and recovering demand. Miners’ profitability has also improved, with miner sustainability indicators showing their income returning to reasonable levels, alleviating further sell-side pressure. On the ETF front, last week saw nearly $1.2 billion in net inflows—the first positive weekly growth since early June.
Finally, significant regulatory progress has been made in the cryptocurrency industry. Spot Ethereum ETFs from Fidelity, VanEck, and others are set to begin trading on the Chicago Board Options Exchange on July 23, 2024, with some firms waiving initial fees to attract investors. Additionally, the Hong Kong Monetary Authority is developing a regulatory framework for stablecoins, while South Korea has implemented the Virtual Asset User Protection Act, requiring exchanges to adopt a series of security measures.
