The Bitcoin Layer
Bitcoin Update: ETF-Buyers, BTC Dominance, Stocks Correlation
Jul 2, 2024
Exploring ETF buyers re-entering the market, BTC likely to break consolidation. S&P 500 correlation dropping, hinting at BTC bull run. BTC dominance analysis shows more upside potential. S&P 500's second half performance may impact Bitcoin positively.
13:15
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Quick takeaways
- ETF holdings for Bitcoin have remained stable, indicating confidence and potential price recovery.
- Decreasing correlation between Bitcoin and S&P 500 suggests a return to Bitcoin's risk-on asset behavior.
Deep dives
Encouraging Signs in ETF Holdings and Bitcoin Price
ETF holdings for Bitcoin have remained flat, despite Bitcoin's recent price decline, indicating a new investor cohort holding onto their investments. This signals stability and potential for price recovery. Institutional investors, such as BlackRock, have begun buying Bitcoin again after a pause, suggesting confidence in the asset's upward movement. This behavior points towards a positive shift in the market sentiment towards Bitcoin.
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