Key Points
- Bitcoin is holding the $61k level, amidst political support and optimistic predictions.
- BTC ETFs recorded $31 million inflows, after 7 consecutive days of outflows.
Bitcoin is trading above $61,000 today following the recent price drops triggered by the miner capitulation event.
The miners’ sell-off was also expedited by the recent Mt. Gox announcement regarding refunding creditors in July.
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Earlier, today, BTC reached prices above $62,000 and now the coin is up by almost 1% in the past 24 hours.
Bitcoin sees political support
Despite the recent price volatility, BTC remains surrounded by optimistic price predicitons amidst intense political support. For instance, Trump is reportedly considering speaking at the Bitcoin 2024 event in Nashville, Tennessee.
Also, according to the latest reports, Florida’s Republican representative, Matt Gaetz, introduced a bill that could potentially revolutionize the way federal income taxes are paid.
The legislation would mandate the US Secretary of the Treasury to implement a system that accepts Bitcoin for federal income tax payments. According to Gaetz, such an innovative legislation would modernize the American tax system.
Allowing taxpayers to use BTC for federal tax payments would bring innovation, efficiency, and more flexibility to US citizens.
Bitcoin could reach 25%-40% world adoption in 2030
Recently, Bitcoin on-chain analyst Willy Woo also expressed his optimism regarding BTC’s price, saying that we will see a recovery after the miner capitulation.
On June 25, he shared a post saying that the financial world now believes that BTC is a fast-emerging asset class and people see BTC reaching a price 10 times from where it’s now, rivaling the US dollar in size and becoming a reserve asset.
Woo noted that all this is possible only when BTC ranges between 25-40% of world adoption which he believes is possible in 2030.
Bitcoin ETFs record $31 million inflows
It’s also worth noting the fact that following 7 consecutive days of outflows, BTC ETFs recorded $31 million in inflows on June 25, according to SoSoValue data.
Grayscale’s BTC ETF, GBTC saw $30 million in outflows, and Ark Invest and 21Shares’ BTC ETF, ARKB recorded $6 million in outflows.
Fidelity’s FBTC saw $49 million in inflows, Bitwise’s BITB recorded $15 million in inflows, and VanEck’s HODL saw $4 million in inflows as well.
The other BTC ETFs in the US did not record any inflows or outflows on June 25.
