QCP: BTC spot ETF inflows also continue to recover with $73m of nett inflows last Fri, which is the highest daily inflow in 2 weeks. Looking at seasonality, BTC has a median return of 9.6% in July and tends to bounce back strongly especially after a negative June (-9.85%). Our options desk also saw flows positioning for an upside move last Friday into the month-end, possibly in anticipation of the ETH spot ETF launch. Many signs point to a bullish July.