BTC's Bad News Immunity: Bitcoin Defies Selloffs Amid $2B Inflows
Bitcoin has continued its remarkable stretch of resilience in the face of bad news. Despite a string of developments that would typically pressure prices, such as a major hardware-wallet security breach and a delay to the landmark CLARITY Act legislation, Bitcoin has climbed back above $65,000.
This week's rise comes after months of stagnant price action, which saw smaller holders selling at losses. However, the intensity of that selling has fallen considerably from previous declines. According to Bitwise Europe's head of research, Andre Dragosch, Bitcoin's muted reaction to negative developments has pushed its sensitivity to bad news close to historical lows.
The current consolidation is facilitating a transfer of supply, with smaller holders reducing their exposure while investors with larger balance sheets increasingly take the other side. US spot Bitcoin ETFs have attracted about $754.7 million this week, putting the products on pace for their strongest weekly inflow since April.