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Bitcoin as Asia begins a new trading week
Change hands at $109K, up 0.8% last week and 4.5% last month According to Coindesk market data.
In an era Continuously large BTC purchases Strategy from Michael Saylor (MSTR),,,,, Continuous BTC Exchange Trading Funds (ETF) Inflowand More and more companies adopt BTC treasury strategyone has to wonder why Bitcoin’s price has not exceeded all-time highs.
A new report from CryptoQuant figured it out: none of these institutional actions could compensate for the overall decline in spot demand for BTC.
“The annual growth in Bitcoin demand shows a similar situation: ETFs and MSTR purchases are part of Bitcoin demand, and the contraction of aggregate demand is not only offset by these purchases, but the acceleration of overall demand growth is what drives the price rally.”
CryptoQuant noted that demand for BTC has contracted to -895k over the past 30 days.
To make things worse, ETF and MSTR purchases are slowing compared to December. In the last month of the year, ETF purchased 86,000 BTC and MSTR 171,000, while those figures dropped significantly last month. The ETF bought only 40K BTC, while the MSTR bought 16K.
CryptoQuant wrote that BTC has fallen into a phase of integration and demand has not exacerbated the breakthrough.
Another data point for BTC is evidence of slowing demand Almost empty Mumbaiwhich shows that there is very little demand in the market.
The question is, if institutional purchases continue to slow, how much resistance will it create to the price of BTC?
Anthony Scaramucci of Skybridge Capital Recorded on the case Says the BTC treasury trend (a reliable source of demand for Bitcoin) will disappear.
“Now, we’re having the idea of this replicated finance company,” Scaramucci said in an interview with Bloomberg last week. “So, you know, it’s going to go away.”
“Saylor’s case is different because he has several different products right now,” Scaramucci continued in an interview. “I’m not negative to others because I’m too bullish on Bitcoin, but I’m just saying that as an investor, you have to look at the basic costs associated with each of these Treasury companies.”
at the same time, Standard Charter is still BTC BullsAs banks maintain their $2 million price target for the world’s largest digital asset.
Market changes:
- BTC: Bitcoin merged $108,500 over the weekend, then soared from $108,327 to $108,620 in the last hour, currently at $108,200-108,300, now supporting the uptrend.
- ETH: Ethereum rose to $2,558.63 from $2,520.45 on July 6, with trading volume rising to $272,352 ETH, finding support at $2,510 amid global economic tensions, while inflows of ETH ETH ETFs were $1.1 billion in June, and despite a boycott of $26,600, the June ETH ETF inflow and record-breaking whale accumulation signals could generate boycotts.
- Gold: Gold soared 1.91% last week to $3,336.61, driven by weakness in the dollar, with the chances of a 91.5% lower Fed lower in September, a clear threat of tariffs and a 73% surge in Chinese gold imports
- Nikkei 225: Japan’s benchmark Nikkei 225 fell 0.26% as the White House continued to mix news in a way that imposes tariffs.
Encryption elsewhere:
- Cool trade tensions (Coindesk)
- Ethereum is providing power to the future of Wall Street. Cannes’ crypto scene shows how far it has gone (CNBC)
- Sweden orders police to increase seizure of criminal cryptocurrency profits (Decryption)
