![]() When BTC started to plummet during May and June, the total net inflows to exchanges surged above 100K BTC per day. Looking at the net exchange outflows from Glassnode, we can see that more BTC is now leaving exchanges than is entering. Interestingly, the relative search volume did not surpass the 2017 peak. Alternatively, it could also suggest that most people already know about Bitcoin and, therefore, don’t need to search the term too much to look for information: This could suggest that retail investors are becoming less interested in buying the asset at these levels. ![]() In other news, the team at Coin Metrics pointed out that Google search trends for Bitcoin continue to take a considerable drop. Additionally, Rothschild Investment Corp was another large-scale institution that recently entered through the Grayscale BTC Trust. ![]() With the unlocking uncertainty behind us, it seems that some large-scale investors are continuing to invest in the Grayscale BTC trust and take advantage of the GBTC discount it is currently trading at:įor example, Cathie Wood and Ark Invest recently bought another $10.8 million worth of GBTC. The remainder of the unlocking events, scheduled until August 25th, have less GBTC to unlock than what was seen on Sunday: The Sunday unlocking was the most GBTC shares to be unlocked in one single day. Although the price did dip beneath $30K following the unlocking, the recent recovery might suggest that the worst is behind us. On Sunday, the Grayscale Bitcoin Trust unlocked around 16,420 BTC worth of GBTC to investors, and many were fearing that these investors would dump the market. The GBTC unlocking event that confused the market last week is pretty much behind us. A breakout of these levels could allow BTC to start a trend higher toward the July highs again. It is now facing resistance at the upper angle of the wedge and the 20-day MA. It found support at the lower angle of a falling wedge pattern which allowed it to rebound by 7% yesterday to climb back above the $30K level and reach as high as $32,825. The cryptocurrency slipped beneath the lower boundary of a descending triangle pattern on Monday and continued lower on Tuesday to reach as low as $29,300. ![]()
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