Bitcoin (BTC) price is shedding off the losses it has accrued over the past 48 hours as new capital starts entering the market in a rare show of vote of confidence. At the time of writing, Bitcoin price is changing hands at $43,678.53 after trimming its losses from more than 4% earlier in the day to 0.67%.

Bitcoin (BTC) Price Getting the Needed Boost

According to an update from top market analyst, Ali Martinez, the crypto market has welcomed a massive $2.5 billion in capital inflow following the market’s latest shakeout. While it may not be so visible, Martinez acknowledges that there has been a notable resurgence, catalyzed by the cash injection.

According to the accompanying chat, as of January 4, Bitcoin’s positive 30-day Capital Inflows came in at $27,563,445,066.58. Per the data, the Bitcoin + Ethereum net position change came in at $25,522,828,475.24 with the stablecoin net position change staying positive with a total of $2,040,616,591.34.

Following the recent shakeout, there’s been a notable resurgence, with over $2.5 billion flowing back into the #crypto market. This influx could signify renewed investor confidence and an upturn in the market! pic.twitter.com/IutMMZZebD

— Ali (@ali_charts) January 5, 2024

Despite the rout stirred by the Matrixport report that suggests the likelihood of rejection of spot Bitcoin Exchange Traded Fund (ETF) applications by the United States Securities and Exchange Commission (SEC), this Bitcoin’s positive 30-day capital inflows is at its highest level since early October, a showcase of how investor interest in the market is booming.

Bitcoin’s (BTC) price has now recovered from the 24-hour low of $42,784.72 to its current price.

Altcoins Flashing Mixed Signals

As Bitcoin is leading the crypto ecosystem from the onslaught, altcoins are notably showcasing a mixed outlook with Ethereum (ETH) remaining in the red, down by 1.85% to $2,238.75. Binance Coin (BNB) is down by 1.30% to $314.9, XRP has dropped by 3.13% to $0.5694.

While these top assets are still battling a bearish drawdown, mid-cap tokens like Rocket Pool (RPL) are up by 4.7% to $29.53, FTX Token (FTT) is up 1.59% to $2.86, proof that not all listed tokens have a strong correlation with Bitcoin.

With the capital influx, Ali Martinez believes investor confidence is returning, and with a strong indication that a spot Bitcoin ETF is close by, recovery is just a matter of time.

The post Bitcoin (BTC) Price Eyes Recovery as Fresh $2.5B Enters the Market appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am