Bitcoin has experienced a slowdown in exchange-related on-chain activity, signaling declining investor interest and reduced network usage.
Bitcoin trend remains bearish and is currently hovering just above a key demand zone. Keep an eye on the 61.9k to 63.8k range for potential support https://t.co/SzLyfHHNHM pic.twitter.com/gVtDu8DZj7
— Into the Block (@intotheblock) June 21, 2024
The trend remains bearish, with Bitcoin currently hovering just above a critical demand zone.
#Bitcoin There has been a slump in exchange-related on-chain activity, signaling waning investor interest. $BTC Reduces network usage. pic.twitter.com/wLCjlDpbg0
— Ali (@ali_charts) June 21, 2024
Investors are closely monitoring the 61.9k to 63.8k range for potential support.
Along with the decline in on-chain activity, Bitcoin transaction fees also fell sharply by 64% this week, further highlighting the network’s waning usage.
Bitcoin fees fall 64% this week as on-chain activity slows pic.twitter.com/ibCuqWzjN0
— Into the Block (@intotheblock) June 21, 2024
Despite the bearish sentiment, MicroStrategy continues its aggressive Bitcoin accumulation strategy. According to an on-chain report from Look on Chain, the company purchased an additional 11,931 BTC worth $786 million between April 27, 2024 and June 19, 2024 at an average price of $65,883 per BTC.
MicroStrategy currently holds a total of 226,331 BTC, valued at approximately $14.66 billion, with an average purchase price of $36,798. At current prices, the company has a profit of approximately $6.33 billion.
MicroStrategy bought an additional 11,931 shares. $BTC( $ 786 million ) will be sold between April 27, 2024 and June 19, 2024 for $ 65,883!#MicroStrategy Currently 226,331 people $BTC($14.66 billion), with an average purchase price of $36,798.
At current prices, profits are about $6.33 billion! https://t.co/16z1Y9z9su pic.twitter.com/G9LY5COhGg
— Lookonchain (@lookonchain) June 21, 2024
Bitcoin ETF net inflows negative for fifth consecutive day
In contrast, Bitcoin ETFs saw negative net inflows, totaling -$140 million on June 20, 2024. This marks the fifth consecutive day of negative inflows. Notably, only BlackRock’s IBIT ETF recorded a modest inflow of $1.5 million yesterday.
Meanwhile, Grayscale’s GBTC ETF saw the largest outflow of the day at $53 million, bringing its total outflows over the past five days to $232 million, while Fidelity’s FBTC ETF saw even larger outflows, bringing its total outflows over the same period to $413 million.
🚨 $BTC #ETF Net inflows on June 20, 2024: -$140 million!
• Net inflows have been negative for five consecutive days.
• Only #BlackRock (IBIT) experienced a small inflow of $1.5 million yesterday.
• #grayscale (GBTC) recorded its highest single-day outflow of $53 million. This ETF is… pic.twitter.com/XC6n5bJl5D
— Spot On Chain (@spotonchain) June 21, 2024
Current market trends reflect mixed sentiment, with institutional investors like MicroStrategy continuing to invest heavily in Bitcoin, while the ETF inflows signal widespread hesitation among other investors.
Disclosure: This is not trading or investment advice. Always do your research before buying cryptocurrency or investing in any service.
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