Analysts name the main reason for the significant growth of bitcoin

On June 12, the flagship of the cryptocurrency market regained support at $ 69,000. This happened after the price of bitcoin fell to $ 66,000 the day before due to macroeconomic uncertainty, pressure from miners, and outflows from spot exchange-traded funds (ETFs).

Moderately positive inflation data in the United States created a more favorable environment for risky assets, including bitcoin, which pushed the S&P 500 index to a record high on June 12.

Traders even discussed whether BTC would be able to exceed the $ 72,000 mark. However, today, June 13, the value of BTC $93,504.25 Bitcoin -2.52% Market capitalization $1.85 trillion VOL. 24 hours $2.97 billion has fallen to $ 67,439.

To determine whether the June 12th surge in bitcoin was just short-term optimism driven by macroeconomic data, it is important to assess whether the outflow of miners and ETFs will continue. Regardless of the optimistic view of inflation and the likelihood of an economic recession that investors may be considering, bitcoin’s trajectory to $ 72,000 will depend heavily on institutional investment inflows.

Even sophisticated investors are concerned that miners may dictate BTC’s price trends. When there are large transfers from miners to exchanges, investors fear a sharp drop in price, and June 11 was no exception. According to Julio Moreno, head of research at CryptoQuant, on June 10, Marathon Digital sold 1000 BTC worth almost $ 70 million. Such a sale negatively affects investor sentiment towards bitcoin.

The situation was further aggravated when a collective net outflow of $ 65 million occurred on the same day from US spot bitcoin exchange traded funds. As a result, traders speculated that these companies were anticipating potential problems, leading to a significant net outflow of $ 200 million from spot exchange-traded funds on June 11.