U.S. Bitcoin Spot ETF Sees 1 Billion Mg Inflows in Six Days
The recent performance of Bitcoin prices has been sluggish, and the Cryptocurrency Greed and Fear Index has also fallen to the fear level. However, U.S. Bitcoin spot ETF investors have taken the opportunity to hunt for the bottom.
Data from blockchain data platform SoSoValue shows that Bitcoin spot ETFs have experienced net inflows for six consecutive days, with cumulative inflows exceeding $1 billion. Net inflows hit $310 million on Friday, the highest since June 5.
Chart source: SoSoValue Bitcoin Spot ETF Fund Flow
Since its listing, Bitcoin spot ETFs have inflowed a total of US$15.8 billion, with a total net asset value of US$51.034 billion. Products from BlackRock and Fidelity have attracted US$18.2 billion and US$9.7 billion in funds respectively, while Grayscale’s $ GBTC has experienced a cumulative net outflow of US$18.6 billion.
Chart source: SoSoValue Bitcoin Spot ETF Fund Flow
Bitcoin may have hit bottom?
As Bitcoin ETF funds resume net inflows, the German government appears to have ended its sell-off of Bitcoin, and the shooting incident of Trump has increased his chances of being elected, some analysts have begun to believe that Bitcoin has bottomed out in the short term.
From a technical analysis perspective, it could be a good sign that Bitcoin is back above $60,600. Well-known analyst Rekt Capital believes that this point is a key support because it conforms to the "accumulation chip range" of the bull market cycle. If history repeats itself, there will be a chance for a parabolic surge in the market outlook.
Source: X/Rekt Capital
Bitcoin weekly K-line trend
Is there likely to be good news this week?
Meanwhile, the crypto industry is eagerly awaiting the official approval of the Ethereum spot ETF. "CryptoCity" previously reported that the U.S. Securities and Exchange Commission (SEC) has approved the 19b-4 documents of many issuers, but the S-1 documents have not yet been approved, so many issuers have recently submitted revised documents. Awaiting SEC review.
According to the latest predictions from Bloomberg analyst Eric Balchunas, the Ethereum spot ETF may be approved for listing by the SEC on July 18, U.S. time, which is around the early morning of Friday, Taiwan time.
In view of the experience after the listing of Bitcoin ETF, many investors are looking forward to more funds being injected into the market through ETF, thus driving most cryptocurrencies to skyrocket.
However, well-known investment institutions Bernstein and JPMorgan Chase are cautious, believing that the Ethereum spot ETF does not have a pledge function and will lack incentives to convert spot funds into ETFs. Moreover, the value and application of Ethereum and Bitcoin There are fundamental differences in the market, so it is predicted that the capital scale after listing will be much lower than that of Bitcoin spot ETF.
JPMorgan Chase also pointed out in another report that the market will also face potential selling pressure from creditors of bankrupt exchange Mt. Gox in July, and will not have a chance to rebound until August. The FTX exchange is expected to pay cash to creditors in October. The market expects that those who receive compensation will "reinvest" in cryptocurrency, which may become a support for the market.
[Disclaimer] There are risks in the market, so investment needs to be cautious. Analysts' opinions are for reference only. Users should refer to more diverse indicators to judge whether to invest, and consider whether any opinions, views or conclusions in this article are consistent with their specific circumstances. Invest accordingly and do so at your own risk.
