Bitcoin at $82,000, ETH, XRP, Dogecoin Jump 3% on Growing ETF Flows
Bitcoin briefly tapped $83,000 early Tuesday amid rumors of a potential U.S.-Iran peace deal.CryptocurrencyTickerPriceBitcoin$82,534Ethereum$2,437Solana$106.55XRP$1.33Dogecoin$0.08124Shiba Inu$0.055103Notable Statistics:Coinglass data shows 70,109 traders were liquidated in the past 24 hours for $299.89 million. SoSoValue data shows net inflows of $526.6 million from spot Bitcoin ETFs on Monday. Spot Ethereum ETFs saw net outflows of $103.3 million.In the past 24 hours, top gainers include Pearl, Pepe and Worldcoin.Notable Developments:BlackRock Wants to Give Bitcoin Investors ‘Downside Protection’ With New ETF: Here’s How It WorksTrader Notes:Alex Thorn, head of firmwide research at Galaxy Digital, believes Bitcoin has likely bottomed after a 53% drawdown, but weak institutional buying and continued selling by long-term holders are limiting its recovery.In an interview with Scott Melker, Thorn suggested half a million single days inflows in spot BTC ETFs likely reflected existing Bitcoin holders converting spot holdings into ETF shares rather than entirely new investment.Thorn observed that Bitcoin generally performs better when ETF and corporate purchases exceed movements of older coins.While Thorn remains increasingly confident that Bitcoin’s bottom is in, it could remain rangebound before another sustained rally.He acknowledged that a major global AI-related market selloff could challenge the bullish outlook.Preview Image: Shutterstock