Bitcoin Brief Jump Over $67,000 Linked to ETF Inflows and Miner Accumulation

full version at beincrypto

Bitcoin’s (BTC) price surged to a one-month high, exceeding $67,000, following weeks of downward trends.

This price improvement coincides with several improved metrics for the flagship digital asset.

Why Bitcoin Price is Soaring

On July 19, Bitcoin’s price increased by about 5%, reaching a one-month high of $67,386—BTC’s highest value since June 13. However, it has slightly retraced and was trading at approximately $66,554 as of press time.

Market analysts link this price improvement to several factors, including the end of the German government’s selling pressure. Recently, the German government sold its 49,858 BTC holdings in several transactions, earning roughly $2.8 billion.

Besides that, a recent Reddit poll alleviated concerns about creditors of the hacked crypto exchange Mt. Gox rushing to sell their Bitcoin payouts. Over half of the respondents plan to hold onto their Bitcoin after receiving their payouts.

Chart Showing Amount of Bitcoin Mt. Gox Creditors are Willing to Sell. Source: Reddit

Moreover, Bitcoin ETFs are seeing a new wave of inflows, exceeding $1 billion this week. A note from Gemini indicated that BTC’s recent price drop might have attracted new investors who previously lacked exposure to the top cryptocurrency.

“Investors who are allocating into spot bitcoin ETFs may be new entrants to the market that did not previously have direct access to spot bitcoin, and are using this market dip as an opportunity to increase exposure to bitcoin,” Gemini wrote.

Furthermore, Bitcoin miners’ capitulation seems to be easing as miners are starting to accumulate the asset again. In June, BeInCrypto reported that BTC miners sold approximately 30,000 BTC worth $2 billion amid a record capitulation event similar to those seen after the FTX exchange collapse in November 2022.

However, this trend is reversing. According to IntoTheBlock, Bitcoin miners have increased their holdings this month. Specifically, they have accumulated an additional 4,500 BTC valued at around $300 million.

Bitcoin Miners’ Balance. Source: IntoTheBlock

Additionally, IntoTheBlock pointed out that the number of addresses holding 1,000 or more BTC has hit a two-year high. This metric suggests that individuals and companies holding large amounts of BTC are beginning to accumulate again.