The United States spot Bitcoin ETFs recorded significant daily inflows of $129.45 million on July 1, marking the fifth consecutive day of positive flows. In this article, we will explore the recent development, what to expect from Bitcoin ETFs in July, and general Bitcoin (BTC) analysis.
A Month Record Inflow for Spot Bitcoin ETFs
On the 1st of July, spot Bitcoin ETFs recorded a massive inflow of $129 million, and this immediately affected Bitcoin’s price, climbing to over $63k before another depreciation to $62k. Indeed, it is exciting to point out that the recent inflow on the first day of July is the highest figure since June 7.
According to data from CoinMarketCap, Fidelity’s Wise Origin Bitcoin Fund registered the highest inflow, with 1,030 BTC worth $65 million. This was followed swiftly by the Bitwise Bitcoin ETF, with 650 BTC worth $41 million, and the ARK 21Shares Bitcoin ETF, with 205 BTC worth $13 million. However, BlackRock’s iShares Bitcoin Trust and GBTC, the two largest spot Bitcoin ETFs by net asset value, have a surprising zero inflow.
July 1 marked the fifth consecutive day of net inflows for spot BTC ETFs. Apparently, this is after the previous seven days were filled with so many negative net flows. In fact, between June 17th and 24th, there was a negative net flow of more than $750 million from Bitcoin Spot ETFs.
What Can You Expect From Spot Bitcoin ETFs in July?
It was pretty evident that June was a bearish month for spot Bitcoin ETFs and BTC itself. According to CoinMarketCap data, there were nine days of outflows and 10 days of inflows in the month. However, it is important to point out that the value of outflows was significantly higher than that of inflows.
Already, the recent positive inflow on 1st July has had a good impact on Bitcoin’s price. It happened at the same time as Monday’s BTC price surge, which saw the price move to a new weekly high of $63,778. However, at press time, there have been several reversals in Bitcoin’s price, moving down almost less than $62k. Moreover, this coincides with the negative net flow of -$32.40 million recorded on July 2nd.
Bitcoin Historical Price Outlook and Predictions for July
July has historically been a bullish month for Bitcoin, and there’s a good chance of the same thing happening again this year’s July. Moreover, there is a chance of full approval of ETH Spot ETFs, which could further drive up the momentum in the crypto market.
Popular crypto analyst Michael van de Poppe provided some insights into what to expect from Bitcoin in July. According to him, Bitcoin could settle at the $61,000-$61,500 support zone and rise above $67K this month.
Conclusion
Spot Bitcoin ETFs started July on the right path after recording a massive inflow of $129 million, with Fidelity Wise Origin Bitcoin Fund leading the charge. Apparently, this comes after weeks of not recording a single net flow. Subsequently, the recent development has had a great impact on Bitcoin, with the price rising to a weekly high of $63,778. Nevertheless, many analysts expect a better July as it has been historically better than June.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from cryptonewsbytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
