The US spot Bitcoin ETFs have experienced a surge in popularity, with a daily net inflow of $301 million on July 15th. This marks the seventh consecutive day of inflows, highlighting the growing interest among investors in cryptocurrency ETFs. The data compiled by SoSoValue reveals that BlackRock’s IBIT led the way with a net inflow of $117.25 million, making it the top spot Bitcoin ETF by net asset value. Other ETFs, such as Ark Invest and 21Shares’ ARKB, also recorded significant inflows, indicating a strong appetite for Bitcoin investments.
The influx of capital into Bitcoin ETFs coincided with a broader market recovery, as evidenced by the $2.26 billion in total traded volume on Monday. While this figure is lower than the peak trading volume of over $8 billion seen in March, it still reflects a healthy level of activity. The ETFs have collectively attracted $16.11 billion in net inflows since their launch in January, underscoring the sustained interest from investors.
Bitcoin’s price surge of over 9% in the past week, with the cryptocurrency trading just below $64,000, has caught the attention of both seasoned traders and industry experts. Veteran trader Peter Brandt has discussed a potential major rally, citing a pattern he calls “Hump->Slump->Bump->Dump->Pump.” He believes that the recent double top attempt on July 5 was a bear trap, signaling a continued upward trend for Bitcoin. However, Brandt cautions that a close below $56,000 could invalidate this bullish view, emphasizing the importance of monitoring key support levels.
The recent price decline in Bitcoin was attributed to concerns over selling pressure from Mt. Gox and the German government’s BTC sales. However, the failed assassination attempt on former US President Donald Trump, a pro-crypto advocate, at a rally has sparked a renewed optimism in the market. Experts are optimistic about Bitcoin’s price trajectory moving forward, viewing the recent price surge as a sign of potential growth.
The rise of US spot Bitcoin ETFs reflects a growing interest in cryptocurrency investments among investors. The market recovery, increased trading volume, and bullish price predictions from experts suggest a positive outlook for Bitcoin. However, investors should remain cautious and monitor key support levels to ensure the sustainability of this upward trend.
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