On July 17, the Bitcoin spot ETF market witnessed significant financial movements. According to SoSovalue data, net inflows continued for the ninth consecutive day, totalling $53.35 million. This, however, marked a decline from the substantial $422 million observed the previous day.
BlackRock’s IBIT emerged as the frontrunner with net inflows of $110.37 million, boasting a trading volume of $1.21 billion. Fidelity’s FBTC recorded a modest $2.83 million in net inflows, contrasting sharply with Grayscale’s GBTC, which faced net outflows amounting to $53.86 million. Bitwise’s BITB also experienced outflows, losing $6 million. Meanwhile, seven other funds, including Ark Invest and 21Shares, reported no net changes.
Despite mixed results, the total trade volume for U.S. spot Bitcoin funds reached $1.79 billion on Wednesday. Although this figure is notable, it remains significantly lower than the peak volumes exceeding $8 billion recorded in March. Since their January introduction, these ETFs have garnered a total net inflow of $16.59 billion, signaling ongoing investor confidence in the market.
Bitcoin (BTC) Price Dynamics and Market Recovery
Michaël van de Poppe, a well-regarded analyst, highlighted that this represents the largest net inflow for Bitcoin since late June. Despite some negative headlines, Bitcoin’s price held steady at $65,000, buoyed by consistent institutional investment. Van de Poppe confidently suggested that reaching $100,000 is merely a matter of time, given the prevailing market dynamics.
Meanwhile, CryptoQuant analysts reported that Bitcoin’s price seemed to have bottomed out after recovering to a high of almost $66,000 earlier in the week. Last week’s drop to a low of around $55,000 resulted in the largest realized losses for Bitcoin holders so far in 2024, amounting to $2.5 billion over two days. This suggests seller capitulation, often associated with price bottoms.
According to CryptoQuant, three indicators from the report pointed toward the rally: Bitcoin Profit & Loss Index crossed above its 365-day moving average; the Bull-Bear Market cycle indicator moved above its 30-day moving average; and the Metcalfe price valuation bands were supporting for the second time this year. These signals may point out that the upward trend of Bitcoin might be more prolonged, further solidifying its throne as the largest digital assets by market capitalization
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