tl;dr
Australia's Monochrome Bitcoin ETF experienced an influx of 6 BTC on July 2, in contrast to the U.S. market's net outflow of $13.7 million. Institutional buying of BTC has increased, hinting at a potential Bitcoin rally. Although U.S. Spot Bitcoin ETFs faced outflows, institutional buying surged, re...
Australia's Monochrome Bitcoin ETF experienced an influx of 6 BTC on July 2, in contrast to the U.S. market's net outflow of $13.7 million. Institutional buying of BTC has increased, hinting at a potential Bitcoin rally.
Although U.S. Spot Bitcoin ETFs faced outflows, institutional buying surged, reaching $738 million in June. Experts anticipate renewed confidence in Bitcoin's long-term potential, with growing institutional adoption and potential for a bullish month ahead.
Prominent figures in the crypto industry have expressed confidence in Bitcoin's resilience and highlighted the shift towards strategic accumulation and the expanding Bitcoin-based credit markets.
On Tuesday, Australia’s Monochrome Bitcoin ETF added 6 BTC. This contrasts sharply with the U.S. market, where Bitcoin ETF flows turned negative, with a net outflow of $13.7 million. The Grayscale Bitcoin Trust (GBTC) alone saw an outflow of $32.4 million, indicating significant investor apprehension.
Some U.S. ETFs, such as BlackRock and Fidelity, experienced positive inflows of $14.1 million and $5.4 million, respectively. This suggests that not all institutional investors are bearish. Meanwhile, the Bitcoin price fell from $63,000 to $60,500, now hovering around $60,900, reflecting the market’s nervousness amid the ongoing Mt. Gox $9 billion Bitcoin distribution and the German government’s daily small-scale sales.
While the U.S. Spot Bitcoin ETFs faced outflows last week, institutional buying of Bitcoin soared, with inflows reaching $738 million in June. This surge in institutional buying is significant as it indicates renewed confidence in Bitcoin’s long-term potential.
Earlier, on Monday, July 1, the U.S. Spot Bitcoin ETFs recorded a substantial $130 million influx. Bitcoin maximalist Lucky highlighted this on X, stating, “Historically, July has been a bullish month for $BTC, with an average return of over 11% in the last decade. $130M flowed into #Bitcoin ETFs yesterday, the biggest splash in 3 weeks!”
Prominent crypto investor Anthony Pompliano emphasized that current drawdowns are smaller compared to historical patterns, underscoring the growing confidence among investors.
Gabor Gurbacs, VanEck advisor, noted that over-the-counter (OTC) desks accumulated Bitcoin during the recent market correction, using some of it as collateral. This indicates a shift from purely neutral trades to strategic accumulation.
Furthermore, he elaborated that large holders and bankrupt estates are likely to have more Bitcoin available to lend later this year. This reinforces the idea that major players are not inclined to sell their Bitcoin holdings.
Gurbacs also pointed out the expanding Bitcoin-based credit markets, facilitated by the introduction of ETFs, which have improved the credit quality of counterparties. Furthermore, he emphasized that this growing credit market will likely fuel the next major Bitcoin rally.
More about C3 Ai Inc
Stock Market Analysis: C3 Ai Inc (C3)
C3 Ai Inc (C3) operates in the technology and prepackaged software services sector, with a market capitalization of $3,506,138,000.
The stock showed a price change of -2.34, closing at $2.602. The Relative Strength Index (RSI) stood at -0.901, indicating an oversold position.
The trading volume for the period was 310,582,000, with the closing price at $29.35, showing a minimal change of 0.196.
This analysis suggests a bearish trend for C3 Ai Inc, with potential support and resistance levels to be monitored closely.