Bitcoin ETFs Gain Momentum with $129 Million Inflows, Will BTC Price Recover?
The Bitcoin market went crazy once again as BTC ETFs recorded massive inflows on July 1. Data released by Spotonchain showed that Bitcoin ETFs recorded inflows of $129 million, which provided a glimmer of hope for Bitcoin’s price action.
The $129 million inflow, marking the fifth consecutive day of inflow, is a testament to the strong financial backing of the flagship cryptocurrency. Let’s delve deeper into the market data for this exchange-traded product that has sparked optimism among traders and investors.
Spot Bitcoin ETF Inflow Boosts Optimism
As noted above, Bitcoin ETFs recorded five-day inflows of $129 million on July 1. Additionally, not a single US BTC ETF saw outflows on the same date.
Data from Spotonchain reveals that Fidelity (FBTC) led the way with $65 million inflows, while BlackRock (IBIT) and Grayscale (GBTC) experienced net inflows of $0.
Collectively, BTC ETFs have seen inflows of $266 million over the last five trading days. This could help propel smoother price movements for the token BTC.
But Bitcoin appears to be taking the brunt of the miners’ sell-off at the moment. The token is still experiencing some turbulence despite regaining its bullish momentum that coincided with inflows in BTC ETFs last weekend.
Also Read: Bitcoin Price Drops Below $63K as Entity Transfers $114 Million Worth of BTC to Binance, What’s Next?
Bitcoin Price Struggle With Turbulence
According to a post shared by crypto market analyst Ali Martinez, miners have reportedly sold around 2,300 BTC worth $145 million in the last 72 hours. This could be further fueling the recent price volatility.
At press time, BTC price was trading down 1.09% at $62,543.33. The token’s 24-hour low and high are $62,495.51 and $63,777.23 respectively.
Coinglass data further confirmed the BTC price volatility, with Futures OI increasing by 0.14% but derivatives volume decreasing by 4.98%, potentially paving the way for uncertain short-term movements.
Additionally, the RSI stopped at 43, signaling that the asset is in a neutral state with slight downward pressure. This data hints that volatility is likely to continue.
But long-term prospects reflect optimism, as a recent report from parofix noted a significant decrease in selling pressure on the asset from BTC miners, while another report highlighted vital data that could extend Bitcoin’s price trajectory to $70,000.
Also Read: Robinhood CLO Could Replace SEC Chairman Gensler During Trump’s Presidency
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