Wall Street ETFs sound the clarion call for a counterattack! A 10 trillion asset management giant leads the "attack" and Bitcoin rebounds to 57,000

On Tuesday (July 9), Bitcoin bulls rebounded and regained control of $57,000, and the U.S. Bitcoin spot ETF resumed net inflows. BlackRock, a giant asset management company that manages $10 trillion, submitted a revised S-1 listing document for the Ethereum spot ETF, and several Wall Street funds followed suit.

According to Watcher.Guru, all Ethereum spot ETF applicants have submitted revised S-1 documents, including BlackRock, VanEck, Franklin Templeton, 21Shares and Grayscale.

The resumption of net inflows in the U.S. Bitcoin spot ETF market has driven the Bitcoin price rebound. According to Farside Investors, the Grayscale Bitcoin Trust (GBTC) had a net inflow of $25.1 million on Monday. The last time GBTC reported a net inflow was on June 26.

Fidelity FBTC saw net inflows of $61.5 million, compared to net inflows of $117.4 million on July 5. On Monday, the Bitwise Bitcoin Spot ETF (BITB) and the ARK 21Shares Bitcoin ETF (ARKB) reported net inflows of $11 million and $8.4 million, respectively.

Excluding BlackRock iShares Bitcoin Trust (IBIT) data, the total net inflow into the U.S. Bitcoin spot ETF market was $107.6 million.

Inflows into the U.S. Bitcoin spot ETF market are crucial amid an expected surge in supply.

Mt. Gox, the former largest crypto exchange, plans to repay more than 141,000 bitcoins to creditors, as investors expect creditors to sell their bitcoin holdings after more than a decade of waiting since the exchange collapsed in February 2014.

Rising bets that the Federal Reserve will cut interest rates in September could spur buyer demand for U.S. bitcoin spot ETFs.

U.S. consumer inflation expectations fell from 3.2% to 3.0% in June. If consumers think prices will fall, they may delay buying goods. Lower consumer spending could curb demand-driven inflation and support the Federal Reserve's interest rate cut in September.

The probability of a September rate cut by the Federal Reserve was 75.6% on Monday, up from 65.6% on July 1, according to the CME's Fed Watch tool.

Later on Tuesday, Federal Reserve Chairman Powell will testify before Congress. His views on the labor market, inflation, and the timing of the Fed's rate cuts may affect buyer demand for U.S. Bitcoin spot ETFs and Bitcoin. However, Thursday's U.S. CPI inflation data may be crucial.

Weaker-than-expected U.S. inflation data could boost investor expectations for a September Federal Reserve rate cut and demand for Bitcoin.

In the short term, the inflow of US Bitcoin spot ETFs calmed investors' concerns about the oversupply of Mt. Gox. However, the market sentiment on the Fed's interest rate trend also affected buyers' interest in US Bitcoin spot ETFs and Bitcoin. Lower-than-expected US inflation data and inflows of US Bitcoin spot ETFs should offset the impact of Mt. Gox's oversupply.