- The German state of Saxony has been selling seized bitcoins in recent weeks, putting pressure on the market
- Bearish sentiment around spot prices has not disappointed institutional investors looking for exposure to Bitcoin.
bitcoin [BTC] extended its rebound on July 10, surging above $58,000 as crypto markets showed a sense of calm.
Still negative market sentiment has yet to easewith the Fear & Greed crypto index hovering in the “Fear” zone at press time.
Source: Alternative.me
The current “Fear” index highlights a rapid shift in market sentiment, given that the index was in the “Neutral” zone last week and in the “Greed” zone last month.
Germany BTC sale
The German state of Saxony unloaded more BTC in a series of transactions on July 9. In January, the State Criminal Police Office (LKA) confiscated 49,857 BTC from the operator of Movie2k.to.
The German police authority released these coins on the market in accordance with guidelines regarding property seized during criminal investigations.
To date, the German government has transferred more than half of its original holdings to exchanges and other market makers.
A wallet belonging to Germany’s Federal Criminal Police Office (BKA) had a balance of 22,847 BTC at press time, according to to Arkham Intelligence data.
Bitcoin funds are showing strong performance
Interestingly, the recent downward jumps in spot prices have not reduced the appeal of Bitcoin funds.
The 11 U.S.-listed spot bitcoin ETFs cumulatively registered inflows of $295 million on July 8 – the highest one-day positive net inflow volume since June 5, when the price of bitcoin topped $70,000.
Source: Coinglass
Also, none of the ETFs saw outflows on the day, but three — Valkyrie Bitcoin Fund, Franklin Bitcoin ETF and WisdomTree Bitcoin Fund — saw no activity.
Even as investors drew on the Grayscale Bitcoin Trust and Bitwise Bitcoin ETF on July 9, the overall net flow still remained positive.
These steady inflows of ETFs amid subdued prices suggest that institutional investors benefits from current market volatility cumulate.
Bitcoin ETFs are growing in popularity
Institutionally focused crypto investment products are also being warmly received outside the US and Europe.
In Australia, DigitalX announced on July 8 the approval of its spot ETF product for an upcoming listing on the Australian Securities Exchange (ASX).
The DigitalX Bitcoin ETF will be listed under the ticker BTXX and is expected to begin trading on July 12, the investment firm said in a report. announcement post on X.
VanEck’s similar product, the VanEck Bitcoin ETF (VBTC), received regulatory approval on June 15 and became the first spot Bitcoin ETF to trade on an Australian stock exchange five days later.
Other prospective issuers, including Sydney-based capital markets firm BetaShares, are expected to list their bitcoin ETF products on Australia’s primary stock exchange before the end of the year.
BTC/USDT Technical Analysis
Bitcoin led altcoins in a modest market-wide rally on July 9, hitting an intraday high of $58,239, according to CoinMarketCap data. Speculators have now shifted their focus to resistance levels around $60k.
Source: TradingView
On the daily chart, the $55,000-$57,500 range over the past week has formed a base for BTC/USDT with a key support level around $56,600, matching previous lows seen in early May.
Read bitcoins [BTC] Price prediction 2024-2025
Clearing this range will put Bitcoin on a path to recapture key trend lines lost last week, including the 200-day simple moving average (MA), currently at $58,240.
Source: TradingView
While further upside potential towards $60,000 is still possible, gains from the bullish countertrend are likely to be short-lived and ephemeral.