Summary:
Bitcoin (BTC) has surged above $63,000, marking a strong start to the second half of the year.
This upward momentum is driven by $73 million in BTC spot ETF inflows, the highest daily inflow in two weeks.
Seasonal trends also favor Bitcoin's performance in July, with a historical median return of 9.6% for the month.
Digital asset investment products saw a third consecutive week of outflows, but the pace of outflows has significantly decreased.
Bitcoin ETPs led the inflows, while Ethereum (ETH) saw significant outflows.
The complex landscape of fund flows will be a critical topic at Benzinga's Future of Digital Assets event on November 19th.
Bitcoin (BTC) has rallied to over $63,000, marking a strong start to the second half of the year. This upward momentum follows a brief dip below the $60,000 support level last Monday and is fueled by $73 million in BTC spot ETF inflows on Friday, June 28th. The Grayscale ETF (GBTC) saw outflows, while the BlackRock ETF (IBIT) and Ark Invest and 21Shares ETF (ARKB) experienced inflows. Seasonal trends also support Bitcoin's performance in July, with a historical median return of 9.6% for the month, often rebounding strongly after a negative June. This, combined with the strong inflows, suggests a bullish outlook for the cryptocurrency, according to data from Coinshares. While digital asset investment products saw a third consecutive week of outflows, totaling $30 million, this represents a significant reduction in the pace of outflows compared to previous weeks. Bitcoin ETPs led the inflows, while Ethereum (ETH) saw significant outflows. This complex landscape of fund flows will be a critical topic at Benzinga's Future of Digital Assets event on November 19th.
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