BTC Recovers $120,000 - ETH Soars 10%, Higher Than Beginning of the Year | CoinDesk JAPAN

• Ethereum continued to perform well, surging 10%. Prices have also risen since the beginning of the year, surpassing $3,400 for the first time since January.
• According to Glassnode, Bitcoin rebounded from the sharp drop on the 14th as investors "actively entered" the market to buy on dips at a low of $116,000.
• Strong capital inflows into spot ETFs (Exchange Traded Funds) and increased investments from financial strategy companies are providing a tailwind for Ethereum.

Ethereum (ETH), which slightly declined in the first half of this week, surged on July 16, leading the rise in the cryptocurrency market.

Ethereum broke through $3,400 for the first time since January, up 10% in the last 24 hours, according to CoinDesk data. It is up 22% in the last seven days and up 2% year-to-date.

Bitcoin (BTC) rebounded again above 120,000 Dollars right after the start of trading in the U.S. market, rising by 2.5%.

The CoinDesk 20 Index, a benchmark for major cryptocurrencies, rose by 4.5%.

Bitcoin investors actively bought the dip during this week's decline to $116,000 from the all-time high, according to analysis firm Glassnode.

According to the company's data, market participants are "actively entering" and have gathered approximately 196,600 BTC worth about 23 billion dollars (around 3.4 trillion yen, based on an exchange rate of 1 Dollar = 148 yen) in the range of 116,000 to 118,000 dollars.

On the other hand, strong capital inflows into physical ETFs and continued investments from crypto asset financial strategy companies are creating a tailwind for Ethereum.

The ETH spot ETF listed in the United States recorded a historic inflow of over 900 million Dollars last week, which accounted for 29% of the total inflow for the year, noted David Shuttleworth, a partner at blockchain-focused venture capital firm Anagram.

Mr. Shuttleworth added that the influx of funds, which reached 450 million dollars in the first two days of the week, could exceed 1 billion dollars by the end of this week.

Sharplink Gaming revealed this week that it has acquired more than 74,000 ETH and has an additional $257 million left to buy it. Bitmine Immersion, on the other hand, bought more than $500 million worth of Ethereum.

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