Wall Street and ETFs- Spot ETFs See $588M Inflows as Bitcoin Soars
Wall Street and ETFs– Bitcoin climbed past $107,000 on Wednesday, erasing weekend losses after Iran and Israel agreed to a tentative ceasefire. The cryptocurrency had dipped below $100,000 on Sunday following military exchanges, according to The Block’s price data.
Crypto markets were bolstered by the truce: total crypto market capitalization rebounded to $3.4 trillion, while Ether and Solana recorded modest gains. The GMCI 30 Index, which tracks the top 30 cryptocurrencies by market cap, also showed an uptick.
US Equities Follow Bitcoin’s Lead
U.S. stock markets tracked Bitcoin’s upward momentum. The S&P 500 rose 1.1% on Tuesday, reclaiming the 6,000 level, though futures paused after Federal Reserve Chair Jerome Powell maintained a neutral stance on rate cuts. Powell told House lawmakers the economy and labor market remain strong and that no policy changes are anticipated until later-year data arrives. He is expected to repeat this position in today’s Senate Banking Committee session.
BRN chief analyst Timothy Misir noted, “With institutional demand surging despite the absence of Fed support, we maintain heavy exposure.” He added that they now expect the first rate cut in December, aligning with inflation data released in September and October.
Institutional and State Demand Strengthens Outlook
Even without Fed support, institutional interest in Bitcoin remains strong. On June 24, U.S. spot Bitcoin ETFs recorded net inflows of $588.5 million, while ether funds attracted $71 million, pushing cumulative inflows above $4 billion, according to SoSoValue data.
Corporates and states are also increasing Bitcoin accumulation:
- Japan’s Metaplanet issued stock to raise $514 million for its BTC strategy.
- U.S. states such as Arizona, Ohio, and Texas are exploring Bitcoin reserves using public funds.
Misir believes this institutional momentum may offset macroeconomic headwinds and geopolitical tensions. He commented, “The structural drivers—state reserves, corporate adoption, and ETF flows—appear resilient to macro headwinds and provide confidence for continued upside.”
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
