Bitcoin Surges Past $65,000 as Development Grants and ETF Inflows Fuel Optimism

Bitcoin (BTC) has reclaimed the $65,000 mark, surging to $65,448 with a 4.4% gain in the past 24 hours, as multiple positive developments energize the cryptocurrency market. This price movement comes amid new support for Bitcoin development and continued strong inflows into Bitcoin ETFs.

Maelstrom Fund Launches Bitcoin Grant Program

The Maelstrom Fund, led by BitMEX co-founder Arthur Hayes, has announced a new grant program to boost Bitcoin development. The initiative promises annual funding ranging from $50,000 to $150,000 per developer, with a maximum of $250,000 per year. The program aims to enhance Bitcoin’s “resilience, scalability, censorship resistance, and privacy characteristics.”

Hayes, serving as Maelstrom’s chief investment officer, stated, “As loyal followers of Lord Satoshi, we are doing our part to spread the word.” Grantees will be required to contribute to Bitcoin’s technical development, potentially through pull requests or code reviews for the Bitcoin Core software project.

US Bitcoin ETFs Continue Strong Inflows

U.S. spot Bitcoin ETFs have registered their ninth consecutive day of inflows, contributing to Bitcoin’s price surge. On Wednesday alone, these ETFs saw $53 million in total inflows, with BlackRock’s IBIT leading the pack with $110 million. The total Bitcoin holdings of U.S. ETFs have now crossed 900,000 BTC, approaching the significant 1 million BTC milestone.

Since their inception, total Bitcoin ETF inflows have surpassed $16 billion for the first time. This surge in institutional interest is evidenced by an 80% increase in institutional holdings of U.S. BTC ETFs during the second quarter.

Market Resilience Amid Mt. Gox Movements

Despite concerns over large Bitcoin movements from Mt. Gox, the market has shown remarkable resilience. Mt. Gox shifted 140,000 Bitcoin, worth approximately $9 billion, in just three hours. However, Bitcoin’s price quickly rebounded after a brief dip, demonstrating what BRN analyst Valentin Fournier describes as “resilient” momentum.

Fournier suggests that the narrative of mass adoption, fueled by the anticipated launch of Ethereum ETFs, could continue pushing Bitcoin to higher levels. He predicts a potential retest of $70,000 by next Tuesday, noting that Bitcoin is not yet in overbought territory.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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