Bitfinex Alpha: Bullish signals support BTC, crypto market absorbs German law enforcement agency sell-off and rekindles demand

Odaily Odaily News Bitfinex Alpha released the latest market analysis report, saying that BTC hit a 39-day high of $68,560, rebounding more than 29% from the local low on July 5, and the recent trend shows strong bullish momentum. A key event affecting the market was the thorough liquidation of more than 48,000 bitcoins by the German Federal Criminal Investigation Bureau. The crypto market absorbed this money, showing resilience and even rekindling demand. In addition, ETF inflows also showed positive growth, with nearly $1.2 billion inflows last week, marking the first positive growth since early June. One of the key reasons is that the price has risen above the average inflow cost basis of ETF holders, which is $58,200, which has injected new confidence into the market. The cryptocurrency industry is undergoing major regulatory progress. Once approved by the U.S. Securities and Exchange Commission, the spot Ethereum ETF of companies such as Fidelity and VanEck may begin trading on the Chicago Board Options Exchange (Cboe) on July 23, 2024.