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Bitcoin ETF

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Despite ups and downs in the cryptocurrency market, spot Bitcoin ETF (Exchange Traded Fund) inflows have continued in the last few days indicating investors’ interest and confidence in Bitcoin (BTC). On July 2, 2024, an on-chain analytic firm Spotonchain made a post on X, stating that all BTC issuers in the United States experienced a massive inflow of $129 million. Spot Bitcoin ETF sees $129M inflow 
The single largest $65 million inflow in spot Bitcoin ETF was experienced by asset management giant Fidelity (FBTC). Whereas, others including BlackRock’s (IBIT) and Grayscale (GBTC) experienced a zero inflow on July 1, 2024.&nbsp;
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However, no Bitcoin ETF issuers experienced any outflow yesterday. With this positive inflow of $129 million, the United States spot Bitcoin ETF industry’s net inflow remains positive for 5 consecutive trading days.
This positive outlook signals investors’ sentiment as BTC prices dropped last month. Despite the positive inflow into ETFs, Bitcoin’s price has dropped by 1.15% in the last 24 hours and is currently trading near the $62,500 level. However, BTC also makes an intraday high of $63,770. Additionally, the trading volume of BTC is only up by 7%, which indicates a lower participation rate among investors and traders.&nbsp;
If we look at the performance of BTC over a longer period, in the last 7 it experienced a 3% price jump. Whereas, in the last 30 days, BTC price is still down by 7.5%. Bitcoin technical analysis and key levels 
According to expert technical analysis, <a href="https://news.todayq.com/will-bitcoin-reach-65k-as-german-govt-shifts-94m-worth-of-btc/" rel="noopener noreferrer nofollow">Bitcoin</a> is looking bullish until it falls below the $62,300 level. There is a higher possibility that it is retesting its breakout level near 50 EMA (Exponential Moving Average). However, there is a high chance that BTC will soon jump and may hit $64,000 and $65,000 levels in the coming days. Whereas, data from an on-chain analytic firm Coinglass signals lower investors and traders bets on BTC as open interest is only up by 0.3%.
In this fluctuating market, Singapore-based QCP Capital signals and broadcast on Monday that, “Bitcoin has a median return of 9.6% in July and tends to bounce back strongly, especially after a negative June (-9.85%).” Additionally, they added “Our options desk also saw flows positioning for an upside move last Friday into the month-end, possibly in anticipation of the ETH spot ETF launch. Many signs point to a bullish July.”

Bitcoin ETF sees $129M of inflow, Bullish sign for BTC?

Todayq News

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