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BTC Key insights:
Bitcoin ETF weekly inflows reached US$754 million, setting the second-highest weekly inflow record for the year.
Market analysts are still debating whether Bitcoin has hit bottom near $60,000.
BTC prices remain below the short-term holder cost base of US$67,523.
Bitcoin ETF buying increased sharply this week, with 11,792 BTC worth approximately US$754 million flowing into the wallets of ETF providers. This figure is the second-highest weekly inflow this year and sends new demand signals to the market at a time when BTC prices are still below the short-term holder cost basis.
However, readers should note that technical forecasts are speculative in nature and may not accurately reflect future market behavior. This article should not be regarded as personalized investment advice, but is for reference only.
Investors must conduct due diligence or seek professional guidance when formulating investment plans, as the cryptocurrency market often experiences highly volatile transactions.
Weekly inflows of Bitcoin ETF reach US$754 million
According to market analyst Darkfost, a total of 11,792 BTC inflows into Bitcoin ETF wallets this week. At prices in the text, the bitcoins are worth about $754 million, making this week the second-highest weekly ETF inflow this year.
The latest buying volume clearly deviates from recent trends. Since May, ETF capital flows have mostly been negative. This also means that a large number of Bitcoin purchases were made this week through spot ETFs.
Bitcoin ETF inflow outlook| Source: Darkfost
The inflow comes at a time when traders are focusing on the next move in BTC prices. Strong ETF buying suggests investors are still willing to buy Bitcoin even after a period of weak inflows. However, a strong week does not determine the direction of the market.
The $754 million figure is also important because ETF activity has become a closely watched part of the Bitcoin market. If buying continues, it may bring more support to Bitcoin. If capital flows turn negative again, recent demand growth may be just a flash in the pan.
At present, the key is that demand for Bitcoin ETFs has improved after weeks of poor inflows.
Has the price of Bitcoin (BTC) reached bottom?
Market analyst Astronomer insists that the $60,000 bottom forecast he proposed in February remains valid as the Bitcoin ETF sector regains momentum. This view was strongly criticized at the time. Recently, even mentioning the $60,000 target has faced strong opposition.
Some traders who had predicted larger declines are now talking about the July rebound, swing trading and higher prices. Astronomer believes that the market does not need extreme pessimism to form a bottom. Instead, analysts say boredom may be part of the bottom formation. This happens when prices move slowly and traders start to lose interest.
BTC price bottom forecast| Source: Astronomer
According to Astronomer, it is worth noting that this view is consistent with the current market. Bitcoin has been fluctuating within range, and market sentiment has changed. Analysts believe this could drain traders 'patience and help form a bottom.
Still, the $60,000 level is still a market forecast, not a confirmed bottom. The current ETF buying is encouraging for Bitcoin bulls, but it does not prove that Bitcoin will not fall again.
Pressure on Bitcoin Short-Term Holders
Axel Adler Jr said that on August 8, the price of BTC was below the short-term holder cost basis. CoinMarketCap data shows that Bitcoin is trading at $64,952, while short-term holders realize a price of $67,523. This means that BTC prices are US$2,571, or 3.8%, below that level. Adler called it the smallest gap since July 21.
Short-term holders are those who have held Bitcoin for less than 155 days. Their realized prices show the average acquisition cost of these coins. Since Bitcoin is below this level, new holders are on average in a floating loss state.
Bitcoin Price Short-Term Holders Analysis| Source: Axel Adler Jr
Adler also pointed out that in the past 284 days, Bitcoin has closed below the realized price of short-term holders 279 times. He expects some short-term holders to sell in an attempt to recoup costs.
This left two different signals for the market. Inflows into Bitcoin ETF showed strong buying this week, while short-term holders faced pressure below the cost base. The next move in BTC prices will show whether ETF demand can keep up with recent selling pressure from buyers. Currently, both are important because Bitcoin is trading at less than $67,523.
