Last week continued to see Bitcoin ETFs buying in large quantities, helping Bitcoin price recover very strongly.

According to statistical data from Farside Investors, US Bitcoin ETFs ended the trading session on July 19 (US time) with an inflow of 383.6 million USD.

Among them, Fidelity's FBTC fund is the leading name with inflow of 141 million USD, followed by BlackRock's IBIT with 102.7 million USD, Bitwise's BITB with 44.6 million USD and VanEck's HODL with 41.8 million USD. .

Thus, BTC ETF products had another successful trading week with a net buying value of up to 1.24 billion USD, exceeding the figure of 1.19 billion USD last week, and at the same time increasing the number of days. There has been 11 consecutive inflows since the beginning of July. This is the longest period of days with money flowing into the BTC ETF since the 19-day series of inflows at the end of May and early June.

The continuous buying force of Bitcoin ETFs over the past 2 weeks is the main reason why Bitcoin has recovered clearly during this period, after falling to a 5-month low of 53,500 USD on July 5 under selling pressure. 3 billion USD BTC from German authorities and Mt. Gox begins to repay debt.

Last week, BTC also had a time to adjust to 62,800 USD when Mt. Gox suddenly moved 5.8 billion USD in Bitcoin, but then continued to recover thanks to buying demand from ETFs.

And yet, Bitcoin also received praise from Mr. Larry Fink, CEO of the world's largest asset management group BlackRock. Besides praising BTC as a "true financial tool", Mr. Fink admitted that he had previously misunderstood Bitcoin and looked at it as a potential investment. Many analysts point out that the head of a $10 trillion asset management company praised Bitcoin as a "buy signal" that couldn't be better for this currency, helping to reassure investors who still still shy about the risks of cryptocurrency.

Currently, the world's largest cryptocurrency is trading at $66,500, up more than 3.3% within 24 hours. Bitcoin price on the morning of July 20 at one point increased to nearly 67,400 USD, the highest since mid-June.

According to statistics from BitInfoCharts, the top 100 Bitcoin addresses containing many small UTXOs are currently holding more than 88 million USD and accumulating more than 530 Bitcoins since January 2023.

Those UTXOs are called "Bitcoin dust". The term Bitcoin Dust appears when a transaction creates a UTXO for a very small amount of Bitcoin, usually less than 0.0001 BTC. These UTXOs are too small to be used effectively in subsequent transactions. Usually Bitcoin Dust cannot be traded because they are even smaller than the transaction costs.

UTXO is the token balance that the user owns after each transaction. Unlike Ethereum, where users can transfer individual tokens, on the Bitcoin network, the number of tokens is combined in each transaction, and the unused tokens will become the balance and be transferred back to the wallet and reused. in the next transactions.

These addresses currently hold a total of approximately 1,380 Bitcoin Dust and over 139 million UTXOs valued at less than 0.0001 BTC. Notably, many of these addresses are quite new, with nine out of the first ten receiving their first transactions since March 2023. The newest address in the top 100 is only 5 months old.

Statistics on the small number of Bitcoin Dust and UTXO that wallets hold. Source: BitInfoCharts

The wallet containing the most "Bitcoin dust" belongs to the HTX exchange (former Huobi), holding 12.46 BTC worth $792,000. In particular, there are more than 1.59 million UTXOs in this wallet, accounting for 0.77% of the total number of UTXOs on the Bitcoin network.

Bitcoin mining pool F2Pool owns 78 of these 100 "dust" addresses. Its largest wallet holds 2.47 BTC, worth approximately $172,737. The remaining addresses are believed to belong to a mixture of small investors and other institutions.

It can be seen that Bitcoin dust has accumulated more than 530 Bitcoins since January 2023. The reason behind this increase comes from the memecoin wave in May 2023 along with the Bitcoin Ordinals and BRC-20 fever.

However, this FOMO accidentally creates excess "junk" UTXOs, which become Bitcoin Dust. These UTXOs can cause network congestion and reduce user experience.

According to data from Glassnode, the number of Bitcoin wallets is continuously increasing, and there are currently about 1.3 million wallets as of July 14. Of these, there are about 44 million active wallet addresses with a balance greater than 0 (non-zero), showing that more and more individual users are participating in using the Bitcoin network and looking forward to the Runes Protocol trend. Following BRC-20 and Ordinals will explode in the near future.