While Bitcoin is showing signs of recovery recently with its recent rise and renewed capital inflows into spot ETFs, analysts say it’s too early to say whether the current movement has turned into a permanent uptrend.
Bloomberg Senior ETF Analyst Eric Balchunas said Bitcoin has gained approximately 8 percent in value since the 250th anniversary of US independence, outperforming many assets during that period.
Balchunas noted that, in parallel with the recovery in BTC price, demand for spot Bitcoin ETFs traded in the US has also strengthened again. According to the data, spot Bitcoin ETFs recorded net inflows of approximately $750 million in the last week.
However, Balchunas stated that it is difficult to be entirely confident that the current upward movement will be permanent. He noted that a recovery in Bitcoin after the previous sharp pullback was not surprising, but added that the price’s future direction is not yet clear.
According to Balchunas, one of the most significant pressures on the Bitcoin price has been the selling by early investors who have been in the market for a long time. He stated that the selling by long-term BTC holders, which has been ongoing for about nine months, has put pressure on the price, and that Bitcoin could experience a stronger recovery if these investors stopped selling.
*This is not investment advice.
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