Recent data from Galaxy Research indicates that Bitcoin ETF outflows have diminished significantly, marking a reversal after a period of prolonged negative trends. This change in sentiment comes following two months of consistent outflows, with Bitcoin ETF inflows turning positive for the first time in this cycle.
The positive trend in Bitcoin ETFs has been highlighted by an increase in net inflows, which reached $90.44 million on July 10. In comparison, Ethereum ETFs saw net inflows of $18.43 million on the same day, as the market begins to show signs of institutional demand recovery. The cumulative total indicator from Galaxy Research reveals that U.S. spot Bitcoin ETF flows are now on the rise, having emerged from a previously bearish zone.
As Bitcoin is trading at approximately $64,100, it has bounced back from a low of $61,453 recorded on July 8. Market analysts are closely monitoring the immediate resistance level at $65,136, as crossing this threshold may catalyze a move towards the psychologically significant $70,000 mark. This particular price point is notable, representing the upper band of Bitcoin's current trading range.
Continued strength in the options market on platforms like Deribit suggests that concerns regarding Bitcoin's downside risks are waning, as evidenced by weakening put skews. The overall sentiment shift could signify a broader stabilization in market conditions, potentially paving the way for further price increases.
Overall, the receding outflows and improving inflows may indicate a recovery phase for Bitcoin, which is also contextualized by its longest period spent within any $10,000 price band to date.
This material is for informational purposes only and should not be considered financial advice.
