According to U.Today, bullish sentiment has returned to the crypto market as investors have shown increased interest. The spot Bitcoin ETF market has witnessed positive inflows recently, with ETF traders turning bullish on BTC, providing a strong push to the overall market.

The latest data from SoSo Value indicates that spot Bitcoin ETFs secured $423 million in inflows on July 16. This significant amount of inflows marks eight consecutive days of positive inflows, with the cumulative total net inflow currently standing at $16.53 billion. This rapid growth of Bitcoin ETFs since their launch in January is noteworthy. Additionally, the total net assets of these ETFs are valued at around $58.46 billion, constituting approximately 4.58% of the total BTC market cap, highlighting the growing dominance of spot ETFs in the market.

Further breakdown of the market data reveals that BlackRock’s IBIT witnessed a single-day inflow of $260 million, while Fidelity’s FBTC secured a single-day inflow of $61 million. Most other funds also experienced positive inflows during this period, with BlackRock’s Bitcoin ETF clearly dominating the market.

Positive inflows for spot Bitcoin ETFs have historically had a positive impact on BTC prices. As of the time of writing, BTC is trading at $65,295 after a notable surge of 3.4% over the last day. Moreover, the coin has surged 11.51% over the last week. This weekly surge aligns with the positive inflows seen in Bitcoin ETFs over the past eight days, indicating that rising institutional investment remains a bullish signal for Bitcoin prices. Overall, market sentiment has become optimistic for BTC, suggesting potential further gains in the coming days.