Why is Bitcoin up in the weekend? BTC stabilizes above $58K

Bitcoin’s price is up today, which is a bit out of market trend order during the weekend. Historically, Bitcoin trades negatively during the weekend, with Wall Street closed for trade. Also, the German government has finished offloading the 50,000 seized Bitcoin.

Also Read: TradFi players turn to crypto for money laundering – Chainalysis

According to on-chain data from Arkham Intelligence, Germany sold its last BTC 16 hours ago. Today, BTC is up more than 3% in the last 24 hours. In addition, Spot ETFs have seen 7 days of consecutive inflows.

Bitcoin’s price recovery tied to Germany 

At the time of writing, BTC is worth $58,710.86, up 1.3% from an hour ago and 3.0% from yesterday. The value of BTC today is 3.8% higher than it was 7 days ago. Also, BTC’s market cap stands at  $1.16 trillion, signifying a 50.67% market dominance.

CoinGecko on-chain data shows that the crypto market cap is now $2.28 trillion, up 2.91% in the last 24 hours. Meanwhile, stablecoins’ market cap is $163 billion, accounting for 7.12% of the total crypto market cap.

In addition, Ethereum, the second-largest crypto, has stabilized above $3,000. Ethereum (ETH) is worth $3,166.25 today, up 0.8% from an hour ago and 3.7% in the last 24 hours. Generally, the whole market is up, with some coins surging in double digits.

On July 12, 2024, Germany finally sold off its remaining BTC stash. According to Arkham Intelligence, the final sale included 3,846 Bitcoin transfers to “Flow Traders” and “139Po,” which are defined as institutional deposits and OTC services.

This ends a few heated weeks in which the German government sold tens of thousands of Bitcoin in different transactions. The German government has been dumping BTC for the past three weeks.

These transactions held the Bitcoin market under $60,000 and below its 200-day exponential moving average.

However, selling pressure could resurface with the $9 billion Mt. Gox payment plan. The market has been managing with fear, uncertainty, and doubt for quite some time. During this time, several institutional investors viewed this as a buying opportunity. Despite the price surge, crypto’s Fear and Greed Index remains at “Extreme Fear.”

On the other hand, United States spot BTC exchange-traded funds (ETFs) saw inflows of more than $310 million on July 12, their biggest day since June 5.

According to Farside Investors statistics, BlackRock’s iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund received the majority of the flows, totaling $120 million and $115.1 million, respectively.

The Bitwise Bitcoin ETF finished third with $28.4 million, while the Grayscale Bitcoin Trust experienced another unusual inflow day with $23 million. The VanEck Bitcoin Trust ETF and the Invesco Galaxy BTC ETF both received $6 million and $4 million in inflows, respectively.

Meanwhile, the spot BTC ETFs launched by Hashdex, Franklin Templeton, Valkyrie, and WisdomTree saw no inflows yesterday.