Bitcoin hits 7-week low: Time to buy the dip?
What's the story
Bitcoin (BTC) has seen a slight dip of over 0.2% in the last hour, trading at around $111,375.99. This is its lowest point in nearly seven weeks after hitting a record high of $124,457 on August 14. The cryptocurrency is now down by more than 10% from that peak value. The recent profit booking trend has also affected other major altcoins like Ethereum (ETH), XRP, Solana, BNB, Dogecoin, and Shiba Inu.
ETF performance
Bitcoin ETFs see over $250 million inflows
Despite the market volatility, Bitcoin ETFs have witnessed over $250 million in inflows over the last two days. This marks an end to a six-day outflow streak. Parth Srivastava, Head of Quant at 9Point Capital's Research Team, said that BTC is under short-term downside pressure but sees this as a healthy pullback within an ongoing bullish structure. He added that strong mid-term fundamentals, supported by ETF inflows and on-chain activity, make current corrections strategic accumulation opportunities.
Blockchain announcement
US Commerce Secretary announces blockchain-based economic data publication
In another development, the US Commerce Secretary announced that the department will publish economic data like GDP on the blockchain. This move is aimed at expanding blockchain-based data distribution across government agencies. The news comes as BTC's weakness has boosted Ether, which has seen significant traction from investors with ETH hitting an all-time high of $4,955 on Sunday.