Hey there, crypto enthusiasts! If you’ve been watching the markets, you know that the Bitcoin ETF scene is buzzing with activity. Let’s dive into what’s happening.
Big Day for Bitcoin ETFs
Yesterday, the spot Bitcoin ETF market in the U.S. saw a whopping $129.45 million in daily inflows. That’s right, it was the fifth day in a row of positive inflows. This surge is pretty significant, especially as Bitcoin (BTC) is hovering around the $63,000 mark after battling resistance at $62,000 for almost three weeks.
Major Players in the Market
On Monday, some of the biggest players like BlackRock’s IBIT and Grayscale’s GBTC, didn’t see any inflows. But don’t let that fool you—other ETFs were bustling with activity. Fidelity’s ETF led the charge with an inflow of 1,030 BTC, which is worth about $65 million. Bitwise ETF followed with 650 BTC ($41 million), and ARK Invest saw 205 BTC ($13 million) coming in.
What’s Driving the Market?
This recent wave of inflows comes after nearly a week of outflows at the end of June. Historically, July has been a bullish month for Bitcoin, and this year seems no different. In June, we saw a mixed bag with more outflow days than inflows, and the outflows were of higher value. However, with this new surge in ETF inflows, the market sentiment is turning positive again.
Bitcoin’s Price Action
After a bullish start to July, Bitcoin’s price hit a new weekly high of $63,778 but has since dipped slightly below $63,000. As of now, BTC is trading at $62,558. While it’s still down over 15% from its all-time high of $73,750, the recovery from its weekly low below $60,000 is a good sign.
Looking Ahead
With the spot Ether (ETH) ETF approval just around the corner, we might see another bullish rally in the crypto market. Just like when the spot Bitcoin ETFs were approved, the upcoming approval could inject more positive sentiment and capital into the market.
So, keep your eyes on the charts and the news, because the crypto market is heating up this July!
