Key highlights:
Bitcoin spot ETFs have ended a 10-day losing streak, attracting $221.7 million in fresh capital. The positive figures follow record-high outflows in June for bitcoin ETFs, with analysts tying the pattern reversal to signs of an imminent Bitcoin breakout.
Light at the end of the tunnel for Bitcoin spot ETFs
According to
Meanwhile, BlackRock’s IBIT, the largest bitcoin spot ETF, failed to latch onto the changing trend. IBIT recorded outflows of $40.3 million, spearheading the market’s losses as investors approach risk assets tentatively.
Despite IBIT’s subpar performance, total net assets across spot Bitcoin ETFs climbed to 74.37 billion, representing 6.02% of circulating BTC.
Other crypto ETFs rode the momentum to record positive numbers in their own right. Ethereum ETFs pulled in $29 million in inflows after recovering from a nine-day losing streak, while Hyperliquid and XRP spot ETFs recorded gains of $2.24 million and $6.55 million, respectively.
Bitcoin stages price recovery as prices top $60K
The flow of capital into bitcoin spot ETFs comes amid a BTC price recovery. The leading cryptocurrency clawed itself above $60,000 driving by a slew of changing market conditions.
Fed Chair Kevin Warsh is claiming that inflation risks are declining, and a weak jobs report has sent Bitcoin above $62,000. Furthermore, over $400 million in short positions were liquidated across the crypto market, fueling BTC’s searing run.
Another reason behind BTC’s resurgence is investors rotating capital out of semiconductor companies into risk assets. Experts are pointing to profit-taking after extreme AI-driven gains, while institutional interest in crypto attracts a larger capital base to the ecosystem.
At the start of June, CryptoQuant founder Ki Young Ju noted that BTC can still have a parabolic run if it can attract institutional capital at scale. Ju added that it will take trillions of dollars for the asset to double its market value, pointing to a decline in capital efficiency.
Source:: Bitcoin ETFs Smash 10-Day Losing Streak with $221 Million in Daily Inflows