Bitcoin 'money vessel' amasses $8B but recovery lacks ETF inflows

Despite Bitcoin's realized capitalization increasing by over $8 billion, signaling robust onchain inflows driven by treasury firms and ETFs, the cryptocurrency's price recovery remains constrained. CryptoQuant's founder, Ki Young Ju, noted that demand is currently driven mostly by ETFs and MicroStrategy, both of which have recently slowed their acquisitions. A market momentum return is expected if these two major buying channels resume large-scale purchases. Concurrently, Bitcoin miners are expanding operations, evidenced by a rising hash rate, which Ju views as a long-term bullish indicator for the "Bitcoin money vessel." Analysts from Bitfinex suggest that a resurgence in ETF inflows, potentially reaching $10–$15 billion, combined with potential Federal Reserve monetary easing, could propel Bitcoin's price toward $140,000 in November.

(Source：Cointelegraph)