The US spot Bitcoin ETFs have demonstrated remarkable resilience, recording a daily net inflow of $301 million on July 15th. This impressive performance marks their seventh consecutive day of net inflows, signaling a strong investor interest in the cryptocurrency market amid a broader market recovery. Notably, none of the ETFs experienced outflows on that day.
Top Performers in the Bitcoin ETF Market
According to data compiled by SoSoValue, BlackRock’s IBIT emerged as the top spot Bitcoin ETF by net asset value, attracting the largest net inflows of $117.25 million on July 15th. IBIT also stood out as the most actively traded Bitcoin ETF, with a trading volume of $1.24 billion on Monday. Ark Invest and 21Shares’ ARKB followed closely behind, both recording net inflows of $117.19 million.
Fidelity’s FBTC and Bitwise’s BITB also saw significant inflows of $36.15 million and $15.24 million, respectively. Additionally, VanEck’s HODL, Invesco, Galaxy Digital’s BTCO, and Franklin Templeton’s EZBC funds all experienced positive net inflows on the same day. In contrast, Grayscale’s GBTC and other ETFs such as Valkyrie’s BRRR, WisdomTree’s BTCW, and Hashdex’s DEFI reported no flow activity.
Market Trends and Analysis
Despite the recent price decline in bitcoin, attributed to concerns over selling pressure from Mt. Gox and the German government’s BTC sales, the market exhibited signs of recovery following an unexpected event. The assassination attempt on a pro-crypto former US President and presumptive Republican candidate at a rally sparked renewed interest in the digital asset.
As a result, bitcoin saw a substantial increase of over 9% in the past week, currently trading just below $64,000. Renowned trader Peter Brandt shared his insights on bitcoin’s price trajectory, foreseeing a potential major rally. He discussed a pattern he refers to as “Hump->Slump->Bump->Dump->Pump,” highlighting the significance of recent market movements.
Brandt emphasized the importance of key price levels, noting that a close below $56,000 could invalidate the bullish scenario. Nevertheless, he remains optimistic about bitcoin’s outlook, suggesting that bears may be caught in a trap as the digital asset continues its upward trend.
The strong inflows into US spot Bitcoin ETFs reflect a positive market sentiment and growing investor confidence in the cryptocurrency space. Despite occasional price fluctuations and external factors influencing market dynamics, the overall outlook for bitcoin remains favorable, with experts projecting a continued upward trajectory in the near future.
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