CDS Crypto News Spot ETFs Receive $295 Million, Propelling Bitcoin’s Ongoing Recovery
Crypto News

Spot ETFs Receive $295 Million, Propelling Bitcoin’s Ongoing Recovery

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Spot ETFs Receive $295 Million, Propelling Bitcoin's Ongoing Recovery

Spot ETFs Fuel Bitcoin’s Continued Rebound with $295 Million in Deposits

Spot ETFs– Bitcoin has climbed back above $57,000, reflecting a significant recovery from last week’s low of $54,092.80, as reported by Coingecko. This rebound comes amid a mix of bullish and bearish factors influencing the cryptocurrency markets.

A key factor in this recovery has been the strong inflows into Bitcoin ETFs despite ongoing market volatility. According to Coinglass data, U.S.-listed spot Bitcoin ETFs saw nearly $300 million in net inflows on Monday, July 8, marking their highest level of buying activity since early June.

Leading the inflow surge was BlackRock’s IBIT, which recorded almost $180 million in net inflows, followed by Fidelity’s FBTC. Even Grayscale’s GBTC, which has typically experienced average daily outflows of 5,092 BTC, saw over $25 million in purchases. This recent surge in inflows is particularly notable given the significant outflows of over $900 million from these funds in the previous month.

The strong ETF inflows amid recent price weakness suggest that institutional investors may be seeing the current selling pressure as a buying opportunity. However, digital asset research firm 10x Research cautions that potential risks may lie ahead. Their analysis highlights the possibility of a summer lull for Bitcoin, based on historical trends and current market conditions. They point out that Bitcoin’s price often shows weakness during the summer months, typically followed by a recovery in the fourth quarter.

Bitcoin Consolidates Amid Broader Market Gains and Anticipated Ethereum ETF Approval

The world’s largest cryptocurrency by market capitalization has been consolidating around the $55,000 to $57,000 range in recent days. Traders are closely watching key resistance levels around $60,000. This stability comes as the broader financial markets, including U.S. stocks, continue to reach fresh all-time highs. This scenario underscores Bitcoin’s evolving role as both a risk asset and a potential hedge against traditional market volatility.

Markus Thielen, Head of Research at 10x Research, also highlighted the potential impact of the upcoming Ethereum ETF approval, expected by the end of summer. He suggests that this could shift investor attention away from Bitcoin in the short term, potentially leading to increased volatility or a temporary price decline for BTC.

For the latest in crypto updates, keep tabs on Crypto Data Space.

Spot ETFs Receive $295 Million, Propelling Bitcoin's Ongoing Recovery

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