Share this article
First Mover Americas: Bitcoin Regains $57K Following $300M of ETF Inflows
The latest price moves in crypto markets in context for July 9, 2024.
Updated Aug 7, 2024, 3:20 p.m. Published Jul 9, 2024, 12:01 p.m.
This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
Latest Prices
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Top Stories
Bitcoin found some stability above $57,000 following Monday's slide to $55,000 as a German government entity received over $200 million worth of the asset back from various exchanges late in the U.S. day, helping revive sentiment. BTC was trading around $57,400 during the European morning, an increase of 1% in the last 24 hours, having fallen to $55,000 on Monday after a wallet address belonging to the German Federal Criminal Police Office (BKA) sent over $900 million to various other addresses, spooking traders. In the past 12 hours, the entity received refunds from Kraken, Coinbase and Bitstamp, Arkham data shows, indicating that while the assets were sent to these exchanges, they ultimately did not hit the market.
Spot bitcoin ETFs recorded nearly $300 million in net inflows on Monday, the most since early June, when the cryptocurrency traded over $70,000. BlackRock’s IBIT led buying activity with nearly $180 million in net inflows, followed by Fidelity’s FBTC. Grayscale’s GBTC – infamous for its outflows – recorded over $25 million in purchases. Some investors may be viewing the drop in the bitcoin price as a buying opportunity, investment firm CoinShares said in a report on Monday. Traders largely expect July to be a generally bullish month for the crypto market as it has seen a medium return of 9% historically, with the trend expected to continue.
Data tracked by Coinwarz shows Bitcoin’s mining difficulty slumped from 83.6 TH/s to 79.50 TH/s on June 5, a level last seen in March, a month before the halving. That’s one of the largest difficulty drops since crypto exchange FTX's collapse, which sent bitcoin prices spiraling down more than 10% in a week, CryptoQuant noted. Downward adjustments mean a proportional decrease in the network’s hashing power. A drop can favor smaller miners and spell profits for farms that were closed due to being unable to keep up with costs. Miners were a major source of bitcoin selling pressure in June with over $1 billion worth of BTC sold over two weeks as prices ranged between $65,000 and $70,000.
Chart of the Day
- The chart shows the daily net inflow of BTC into wallets tied to centralized exchanges.
- On Friday, exchanges witnessed a net outflow of over 68,000 BTC, the highest since late 2022.
- Outflows are taken to represent investor bias for long-term holding strategy.
- Source: CryptoQuant
- Omkar Godbole
Trending Posts
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
BNB drops nearly 3% to as bitcoin whipsaw and tech selloff hit crypto market
The decline was accompanied by sharp volatility in bitcoin and weakness in U.S. tech stocks, suggesting a return of risk-off sentiment.
What to know:
- BNB fell nearly 3% to around $844 over the past 24 hours, breaking below the $855-$857 support area and experiencing heavy selling pressure.
- The decline was accompanied by sharp volatility in bitcoin and weakness in U.S. tech stocks.
- To avoid a deeper decline towards $830, BNB needs to hold above $840, while a recovery above $855 would be needed to stabilize the trend and reopen a path towards $870.
Top Stories
