Bitcoin ETFs Gain Momentum With $129M Inflows, Will BTC Price Recover?
The Bitcoin market is once again in a state of frenzy as BTC ETFs recorded massive inflows on July 1. Data revealed by Spotonchain showed that Bitcoin ETFs recorded $129 million in inflows, glimmering hope for Bitcoin’s price movements.
The $129 million influx, marking the fifth consecutive day of inflows, is a testament to the robust financial backing for the flagship crypto. Let’s delve deeper into the market data for these exchange-traded products that have ignited optimism among traders and investors.
Spot Bitcoin ETF Inflow Sparks Optimism
As mentioned above, the Bitcoin ETFs recorded five straight days of inflows, with $129 million on July 1. Moreover, not a single US BTC ETF saw outflows on the same date.
Data by Spotonchain reveals Fidelity (FBTC) led the pack with $65 million in inflows. Meanwhile, BlackRock (IBIT) and Grayscale (GBTC) experienced net flows of $0.
Collectively, BTC ETFs saw $266 million in inflows over the past five trading days. This may help in smoother price movements for the token, BTC, moving ahead.
However, Bitcoin appears to be currently taking the heat of miners’ selling. Although the token regained an upward movement over the last weekend, coinciding with the inflows in BTC ETFs, it still encounters some turbulency.
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Bitcoin Price Fights Turbulence
As per a post shared by the crypto market analyst Ali Martinez, it was brought to attention that miners sold over 2,300 BTC, worth approx. $145 million, in the past 72 hours. This could further be driving the recent price volatility.
At press time, BTC price dipped 1.09% to trade at $62,543.33. The token’s 24-hour lows and highs are $62,495.51 and $63,777.23, respectively.
Coinglass data further validated BTC price turbulency, as its Futures OI jumped 0.14%, but derivatives volume dipped 4.98%. This potentially paves the way for uncertain short-run movements.
Also, the RSI rested at 43, signaling that the asset is in a neutral state with slight downside pressure. This data further hints at volatility moving ahead.
However, long-term prospects reflect optimism, as a recent report by CoinGape spotlighted a significant decrease in BTC miners’ selling pressure on the asset. Meanwhile, another report spotlighted vitals that could fuel Bitcoin’s price trajectory to $70,000.
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