Bitcoin ETF

Bitcoin

Spot

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-profit-taking-risks-despite-institutional-purchases/" data-wpel-link="internal">Bitcoin Faces Profit-Taking Risks Despite Institutional Purchases</a> 
Bitcoin faces a series of profit-taking and price weakness risks even as institutional purchases increase. Popular trader Skew warned of the headline curse on July 23 in his latest analysis related to X, noting that the US Bitcoin exchange-traded funds had generated over $500 million in revenue. Skew mentioned that Bitcoin ETF popularity saw a resurgence this week but stated that good times are far from guaranteed to last. 
<h2 class="p1" style="text-align: justify" id="interest-in-etfs-continues">Interest in ETFs Continues</h2> 
After the largest spot ETF fund in the US, BlackRock iShares Bitcoin Trust (IBIT), saw an inflow of only $526 million on June 22, there was a warning that such large inflow days have historically preceded Bitcoin price sales: 
<blockquote> 
 “IBIT has also shown a bullish trend at other times when its medium-high inflow occurred around market supply zones.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-373069 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/btc-6.jpg" alt="" width="2158" height="1217"> 
According to data from sources including UK-based <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investment</a> firm Farside Investors, the total net flow of US spot ETF funds on July 23 was 533.6 million, marking the highest figure since March. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-373068 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/farside-2.webp" alt="" width="801" height="774"> 
At that time, the BTC/USD pair was seeing all-time high levels and remains standing, with the market having dropped about 25% in the meantime. Skew continued: 
<blockquote> 
 “Therefore, the obvious part in terms of trading right now is whether the market can sustain this demand and momentum towards higher prices.” 
</blockquote> 
He emphasized that consistent spot demand, spot buyers absorbing supply, and overall seller absorption are fundamental requirements to maintain current levels and sustain the rise. According to TradingView data, Bitcoin was trading at $66,876, down 1.5% on the day at the time of writing. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-373067 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/btc-1s-1.webp" alt="" width="1617" height="849"> 
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-ethereum-front">What’s Happening on the Ethereum Front?</h2> 
Meanwhile, other concerns highlight <a href="https://en.coin-turk.com/the-rise-of-traditional-financial-giants-in-the-crypto-space/" data-wpel-link="internal">Ethereum</a> ETF funds. Spot Ethereum products, approved by US-based regulators to start trading on July 23, have so far failed to create a predictable increase in the price of the largest altcoin by market value. 
Instead, the ETH/USD pair rose only 1.5% last week and remained flat on the day; this contrasts significantly with Bitcoin in the days leading up to the ETF funds’ launch in mid-January. Trading firm QCP Capital shared the following statements in a section of its latest bulletin to Telegram channel subscribers: 
<blockquote> 
 “The lack of a positive reaction is a negative reaction. The market seems to be seeing who pulls out first to sell <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">the news</a>.” 
</blockquote> 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-373066 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/eth-1.webp" alt="" width="1617" height="849"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-profit-taking-risks-despite-institutional-purchases/" data-wpel-link="internal">Bitcoin Faces Profit-Taking Risks Despite Institutional Purchases</a></h5>

Bitcoin Faces Profit-Taking Risks Despite Institutional Purchases

Table of Contents

COINTURK NEWS

Other articles published on Jul 23, 2024

Rollblock and Cardano (ADA) Holders Anticipate Strong Price Rallies But Investors Unsure On Near ...

Spot ETH ETFs launch — Are Ethereum derivatives traders positioned for upside?

Jupiter (JUP) Losses Strength At $1: What’s Next For The Solana-Based Token?

Tom Emmer Slams US SEC Chair; Warns Against Kamala Harris’ Treasury Secretary Pick

BlockDAG’s Big Reveal: New Chiefs on the Block on July 29; Can They Climb Their Way to Bitcoin an...

Ripple News Today: Top Reasons Why XRP Price is Set for MASSIVE Rally By July-End

Join our free newsletter for daily crypto updates!