CDS Crypto News Spot ETFs Receive $295 Million as Bitcoin Rebounds
Crypto News

Spot ETFs Receive $295 Million as Bitcoin Rebounds

34
Spot ETFs Receive $295 Million as Bitcoin Rebounds

Spot ETFs Witness $295 Million Inflows Amid Bitcoin’s Recovery

Spot ETFs – Bitcoin has rebounded above $57,000 amidst a volatile backdrop in the cryptocurrency markets. This price recovery marks a significant climb from last week’s lows, dipping as far as $54,092.80, according to Coingecko data.

A standout trend in recent days has been the resilience of Bitcoin ETF inflows despite market fluctuations. Coinglass data reveals that U.S.-listed spot Bitcoin ETFs garnered nearly $300 million in net inflows on Monday, July 8, marking the highest buying activity since early June.

Leading this surge, BlackRock’s IBIT saw approximately $180 million in net inflows, closely followed by Fidelity’s FBTC. Even Grayscale’s GBTC, typically experiencing outflows averaging 5,092 BTC daily, recorded over $25 million in purchases. This influx follows a period of significant outflows, with over $900 million exiting these funds in the past month.

Bitcoin’s Summer Outlook: Institutional Buying Amidst Caution

The substantial ETF inflows amidst market weakness suggest that institutional investors perceive recent selling pressure as a buying opportunity. However, 10x Research cautions about potential risks ahead. Their analysis points to a potential “summer lull” for Bitcoin, citing historical trends and current market conditions. Historically, Bitcoin’s price tends to weaken during summer months, often recovering in the fourth quarter.

Bitcoin Consolidates as Market Stability Aligns with Record Highs

Bitcoin, the largest cryptocurrency by market cap, has consolidated within the $55,000 to $57,000 range recently, with traders closely monitoring key resistance levels around $60,000. This stability coincides with broader financial markets, including U.S. stocks, reaching record highs, highlighting Bitcoin’s evolving role as both a risk asset and a hedge against traditional market volatility.

Markus Thielen, Head of Research at 10x Research, underscores the potential impact of an upcoming Ethereum ETF approval expected by summer’s end. He suggests this could divert investor attention from Bitcoin temporarily, potentially increasing volatility or triggering a short-term price adjustment for BTC.

FAQ

Why has Bitcoin climbed back above $57,000 recently?

Bitcoin rebounded due to strong inflows into Bitcoin ETFs despite recent market volatility.

What are the latest developments with Bitcoin ETFs?

U.S.-listed spot Bitcoin ETFs saw nearly $300 million in net inflows recently, led by BlackRock’s IBIT and Fidelity’s FBTC.

For more up-to-date crypto news, you can follow Crypto Data Space.

Spot ETFs Receive $295 Million as Bitcoin Rebounds

Leave a comment

Leave a Reply

Related Articles

Meme Coin Madness Grows With SHIB and BONK’s Success Stories

Meme Coin Madness Grows With SHIB and BONK's Success Stories

July 13 Crypto News – ZAP Reaches $100 Million, ETFs on a Roll, and SEC Wraps Up Another Probe

The SEC has dropped its probe into Hiro’s Stacks, allows some firms...

XRP Stands Alone in Green While Bitcoin Bulls Take a Breather

Traders attribute the price lull to market participants staying cautious due to...

Crypto News- Top Altcoins Snapped Up by Big Investors in the Second Week of July 2024

Crypto whales have processed approximately $3.32 billion worth of Litecoin (LTC) transactions...