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Bitcoin Spot ETF Sees Net Outflow as Bitcoin Price Falls to 9.2 Million Won
Bitcoin (BTC) has continued its downward trend following news of significant U.S. government transfers and outflows from exchange-traded funds (ETFs).
As of 9:05 AM today, Bitcoin was priced at 9.2 million South Korean Won (approximately US$68,000), reflecting a 0.75% decline compared to the previous day.
Globally, Bitcoin’s price, as reported by CoinMarketCap, was $66,094, down 0.91% from the day before. At one point, the price even fell below $66,000.
The recent drop in Bitcoin’s value followed reports that the U.S. government had moved $2 billion worth of Bitcoin to a different wallet. However, Arkham, a blockchain data analysis company, clarified that this transfer was for secure storage rather than sale. According to Arkham, the U.S. government transferred 29,800 Bitcoins to an anonymous address, with 10,000 Bitcoins going to one address and 19,800 to another. They estimated 10,000 of these Bitcoins were deposited into an institutional custody service.
Despite this clarification, Bitcoin’s price continued to slide, partly due to net outflows from the Bitcoin spot ETF. FarSight Investor reported that on July 30, the U.S. Bitcoin spot ETF saw a net outflow of approximately $85 million, indicating that more money exited the ETF than flowed in.
This negative sentiment contributed to a drop in the Crypto Fear & Greed Index, which fell 61 points from 67 the previous day. This index measures the demand for cryptocurrency investments on a scale from 0 to 100, with higher values signifying greater demand.
Bitcoin Dominance Hits Highest Level Since April 2021 Amid Decline in Ethereum ETF Performance
Bitcoin’s market dominance has reached its highest level since April 2021, reflecting its growing share of the total market capitalization of all cryptocurrencies.
As of 9:18 AM, Bitcoin’s dominance was 56.14%, the highest in three years. This is a significant increase from about 48% the previous week.
The Bitcoin dominance surge follows the Ethereum spot ETF launch in the U.S. on July 23. Despite introducing this new ETF, Bitcoin’s market share has continued to rise, surpassing 50%.
Analysts are forecasting that the Ethereum spot ETF will fail to achieve the success seen by Bitcoin ETFs. Sygnum, a cryptocurrency bank, projects that annual capital inflow into the Ethereum spot ETF will be approximately 15% of that for Bitcoin ETFs. Sygnum Bank Head of Research Katalin Tischhauser noted, “Ethereum’s lesser name recognition is likely to mean slower adoption.”
Bitcoin Could Surge to $80,000 if Trump is Reelected, Forecasts Suggest
Forecasts suggest Bitcoin could soar to $80,000 if former U.S. President Donald Trump wins a second term.
A survey conducted by AMB Crypto, which included 9,375 virtual asset investors, found that 80% believe Bitcoin’s value will rise if Trump is reelected.
AMB Crypto emphasized that many investors expect Bitcoin to increase in value under the Trump administration, making his reelection a key factor for those invested in virtual assets.
SEC Charges Founder of Decentralized Social Media Platform BitClout
Yesterday, the U.S. Securities and Exchange Commission (SEC) charged Nader Al-Naji, the decentralized social media platform BitClout (BTCLT) founder.
Al-Naji faces allegations of selling $257 million worth of BTCLT tokens since November 2020, which the SEC has categorized as unregistered securities.
The SEC’s complaint also accuses Al-Naji of misappropriating funds from these token sales for personal expenses. This includes spending $7 million of customer funds on luxury items and housing rentals.