Is the Bitcoin ATM boom the catalyst needed for Bitcoin prices

CoinW.com reported:
The installation of Bitcoin ATMs has surged in the past few weeks. Global inflows of BTC investment products have increased.
The price of Bitcoin [BTC] has dropped significantly in the past few days, however, investors may have reasons to be optimistic about King Coin.
Rising Trend in ATM Installations
Bitcoin ATM installations are experiencing a recovery after a decline at the end of 2022.
As of July 2024, over 38,000 Bitcoin ATMs have been installed globally.
More Bitcoin ATMs mean that new investors can enter more easily. With the familiarity and widespread use of ATMs, buying Bitcoin becomes less daunting for those unfamiliar with cryptocurrency exchanges.
This broader accessibility could lead to an increase in demand, which may prevent or reverse the price decline.
Furthermore, the continuous growth in the number of ATMs indicates that the cryptocurrency ecosystem is maturing and potentially becoming more stable. This can boost investor confidence, which is a key factor influencing prices.
People are more likely to invest in asset classes perceived as legitimate and stay here.
However, the increase in inflows may contribute to the growth of BTC.
A new report from CoinShares paints a positive picture for Bitcoin, with a total inflow of $441 million last week. This is a significant shift after weeks of outflows.
The report on July 8 delved into the details, highlighting the substantial inflows into Bitcoin. Investors poured $398 million into Bitcoin products, equivalent to approximately $57,207 per Bitcoin.
CoinShares suggests that this buying frenzy may have been triggered by several factors, including recent weakness in Bitcoin prices, Mt.Gox activity, and selling pressure from the German government.
These events may be interpreted by some investors as an attractive entry point.
In terms of geographical distribution, inflows were mainly concentrated in the United States, with inflows reaching $384 million. Other regions such as Hong Kong ($32 million), Switzerland ($24 million), and Canada ($12 million) also saw inflows, while Germany experienced an outflow of $23 million.
Read Bitcoin [BTC] Price Predictions for 2024-25
How are addresses performing?
At the time of writing, the trading price of BTC is $57,149.91, representing a 0.75% decrease in the past 24 hours. Due to the price drop, the MVRV ratio of BTC has decreased.
This indicates a significant decrease in the number of profitable addresses holding BTC. This may reduce the motivation for these holders to sell their holdings in the future.