Bitcoin, Ethereum, Dogecoin Reverse Gains: 'Another Boring Day On Bitcoin,' Says Trader

Cryptocurrency markets are trading lower despite bullish indicators like positive spot Bitcoin ETF flows, the surge in exchange netflows and a spike in whale transactions.  

Notable Statistics:

• IntoTheBlock data notes a 5,254.5% surge in exchange net flows, an 84% increase in large transaction volume and a 33.7% expansion in daily active addresses. Transactions greater than $100,000 surged to 9,770 transactions on July 1 from 5,819 the previous day.
• Coinglass data notes Bitcoin liquidations at low levels, with long and short liquidations at $12.8 million and $4.1 million, respectively.  
• Crypto chart analyst Ali Martinez noted that Bitcoin retail investors are returning with new Bitcoin addresses hitting a four-month high of 432,026.
• Bloomberg analyst Jeff Seyffart noted that the U.S. Bitcoin ETF group's trading volume is on a downtrend. It has not been able to hit $3 billion since mid-May.

Notable Developments:

• Bitcoin To Hit $100K By US Election: Standard Chartered
• Iris Energy Secures $413M For Bitcoin Mining Expansion
• German Government Sells Another $17M In Bitcoin
• Robinhood Reportedly Considers Expanding Into Cryptocurrency Futures Markets
• Arthur Hayes Says ‘Bitcoin Is Superior, Whereas Gold Is Inferior’ — Here’s Why

Top Losers:

Crypto investor Quinten Francois outlines Bitcoin’s growth trajectory after the fourth halving:

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Image: Shutterstock

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