Bitcoin's price appears to have stabilized after a significant drop this year, indicating that weaker sellers may have been exhausted. This could be a sign that the panic wave that has plagued the market for months is subsiding.
Bitcoin is resisting market pressure, holding above $62,000 despite broader market weakness and tensions between the U.S. and Iran. This suggests that weaker sellers, who have been pressured by high returns on crypto futures contracts, may be running out of steam.
Recent inflows into bitcoin exchange-traded funds through crypto futures hint that sellers are also becoming exhausted. After eight consecutive weeks of outflows, the bitcoin ETF sector has seen a $197.40 million influx of investment, signaling that investors are starting to regain confidence in bitcoin.
Market calm is also evident in data from Glassnode, which shows significantly reduced selling pressure in the spot market. In June, the average daily sale of bitcoin was nearly 2,000 BTC, while in July it has decreased to just 53 BTC per day, making it the quietest month of the year outside of April.
It's essential to note that the stability of bitcoin's price at this moment may not be permanent, as it remains primarily driven by speculation in futures rather than real demand in the spot market. However, if these signs of weak seller fatigue persist, it could be an indication that the panic wave affecting the market for months may be coming to an end.
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