Key Points
- Bitcoin ATM installations have surged recently, surpassing 38,000 worldwide.
- A new report by CoinShares shows a significant inflow of $441 million into Bitcoin investment products last week.
The number of Bitcoin ATM installations has seen a significant increase in recent weeks. This surge comes after a dip in installations in late 2022.
ATM Installations and Bitcoin Accessibility
As of July 2024, there are now over 38,000 Bitcoin ATMs installed worldwide. These ATMs provide an easy entry point for new investors. Their familiarity and widespread use make buying Bitcoin less intimidating for those unfamiliar with cryptocurrency exchanges.
The increased accessibility could lead to a rise in demand, potentially halting or reversing the recent price slide. Furthermore, the growing number of ATMs suggests a maturing and potentially more stable crypto ecosystem, which can improve investor confidence.
Inflows in Bitcoin Investment Products
A recent report by CoinShares reveals a significant inflow of $441 million into Bitcoin investment products in the last week. This is a major turnaround after several weeks of outflows.
Investors poured $398 million into Bitcoin products, which translated to roughly $57,207 per Bitcoin. The report suggests that this buying spree was likely triggered by a combination of factors including the recent weakness in Bitcoin prices.
Geographically, the inflows were primarily concentrated in the United States, which saw a whopping $384 million. Other regions like Hong Kong, Switzerland, and Canada also witnessed inflows.
At present, Bitcoin is trading at $57,149.91, with its price having declined by 0.75% in the last 24 hours. This decline has caused the MVRV ratio for Bitcoin to fall, indicating that the number of profitable Bitcoin addresses has significantly decreased. This could potentially reduce the incentive for these holders to sell their holdings in the future.
