Analyst: Bitcoin shows signs of recovery, but the upward trend remains to be confirmed

On 22 July, a letter from Eric Balchunas, a senior ETF analyst in Bloomberg, stated that since the 250th anniversary of the independence of the United States, bitcoin had accumulated an increase of about 8 per cent, showing a leading majority of assets. At the same time, the real bitcoin ETF flows began to pick up, with net inflows of about $750 million over the past week. Balchunas states that it is still difficult to fully believe that the current round has reached a stable trend, but that Bitcoin has been lagging behind before, and that it is no surprise that there will eventually be a rebound, and the subsequent trend remains to be seen. The continued sale of assets by Bitcoin holders in the early nine months of the past has been a price repression; it could rebound if those holders stopped selling。