QCP Capital, a Singapore-based crypto investment firm, posted on social media that BTC rebounded from the $60,000 region to $63,700 after breaking the $60,000 support level last week, opening the first trading day of the second half of the year. BTC spot ETF inflows also continued to recover, with net inflows reaching $73 million last Friday, the highest daily net inflow level in the past two weeks.

From a seasonal perspective, BTC's median return in July was 9.6%, especially after a negative June (-9.85%). QCP Capital's options trading desk also observed fund flows last Friday, which may have seen an uptick in anticipation of the launch of the Ethereum spot ETF. All signs point to a bullish July.