![Bitcoin Stabilizes Around ,000 Amid German Government Transfers and ETF Inflows Bitcoin Stabilizes Around ,000 Amid German Government Transfers and ETF Inflows](https://charltonsquantum.com/wp-content/uploads/2024/07/bitcoin-stabilizes-around-57000-amid-german-government-transfers-and-etf-inflows.png)
On 11 July, 2024, Bitcoin (BTC) stabilized around the $57,000 mark, while the German Government continues to transfer Bitcoin to exchanges, and US spot Bitcoin ETFs recorded significant inflows. On-chain analytics indicate that whales are accumulating BTC during dips, potentially foreshadowing an imminent rally.
According to data from Akram Intelligence, the German Government’s Bitcoin holdings decreased from 40,000 to 16,000 BTC this week. This reduction, translating from $2.2 billion to $896 million, has sparked Fear, Uncertainty, and Doubt (FUD) among traders, possibly contributing to a decline in Bitcoin’s price.
Despite these transfers, US spot Bitcoin ETFs experienced their fourth consecutive day of inflows on Thursday, amounting to $78.90 million. Cumulatively, these inflows reached $737.50 million this week, signaling growing investor confidence. As of Thursday, the combined Bitcoin reserves held by these 11 US spot Bitcoin ETFs amounted to $50.49 billion.
Data from CryptQuant revealed the second-largest institutional accumulation of 2024, contrasting with widespread capitulation among novice investors last week. Institutional players accumulated approximately 101,600 BTC, indicating a “buying the dip” strategy by major entities. Additionally, Arkham Intelligence confirmed that Blackrock’s wallet has been actively acquiring Bitcoin sold off by the German Government.
Meanwhile, the Bitcoin Conference Twitter account announced that former US President Donald Trump will speak at Bitcoin 2024, the world’s largest Bitcoin conference in Nashville, Tennessee, from July 25 to July 27. This follows Trump’s recent endorsement of Bitcoin and the Republican party’s commitment to integrating the cryptocurrency into their platform.
Bitcoin has faced resistance near the $58,375 weekly mark throughout this week, trading at $57,116 as of Friday, showing a slight decline of 0.3%. BTC remains below a descending trendline formed from early June to mid-July. If BTC closes above the weekly resistance at $58,375, it could lead to a 9% increase, targeting the daily resistance at $63,956. Conversely, closing below the daily support level at $52,266 may indicate continued bearish sentiment and a potential 4% decline to the February 23 low of $50,521.
The ongoing trend of Bitcoin accumulation by institutional players and the German Government’s substantial BTC transfers highlight the volatility and dynamic nature of the cryptocurrency market. While these movements contribute to short-term price fluctuations, the overall growing interest from institutional investors and regulatory developments indicate a maturing market poised for further growth and adoption.