Bitcoin ETFs See Continued Inflows
On July 15th, Bitcoin ETFs in the US saw a daily net inflow of $301 million, extending their winning streak to seven consecutive days. This comes amidst a broader market recovery, with none of the ETFs recording any outflows for the day.
Top Performers in Net Inflows
According to data from SoSoValue, BlackRock’s IBIT led the way with the largest net inflows of the day at $117.25 million. IBIT was also the most actively traded Bitcoin ETF, with a volume of $1.24 billion. Ark Invest and 21Shares’ ARKB followed closely behind with net inflows of $117.19 million.
Fidelity’s FBTC saw net inflows of $36.15 million, while Bitwise’s BITB received $15.24 million in inflows. Other funds, such as VanEck’s HODL, Invesco, Galaxy Digital’s BTCO, and Franklin Templeton’s EZBC, also recorded net inflows. Meanwhile, Grayscale’s GBTC and other ETFs like Valkyrie’s BRRR, WisdomTree’s BTCW, and Hashdex’s DEFI were also mentioned.
Bitcoin Price Surge
Bitcoin experienced a significant price surge recently, bouncing back from a recent decline. The recovery was sparked by an attempted assassination on former US President Donald Trump, a vocal supporter of cryptocurrency. Experts are optimistic about the future price trajectory of Bitcoin, with the digital asset currently trading just below $64,000.
Market Performance
On Monday, ETFs registered minimal trading activity, with a total of $2.26 billion traded. This figure is significantly lower than the trading volume seen in March, where daily trading exceeded $8 billion. Despite this, the ETFs have attracted a total of $16.11 billion in net inflow since their launch in January.
Bitcoin Outlook
Veteran trader Peter Brandt has shared his insights on Bitcoin’s price outlook, suggesting a potential major rally in the future. He highlighted a pattern known as “Hump->Slump->Bump->Dump,” indicating a possible upward trend for the digital asset. With recent positive momentum, many are optimistic about Bitcoin’s performance in the coming weeks.
The Bullish Trend of Bitcoin
Analysts have observed a promising upward trend in Bitcoin, with a recent double top attempt on July 5 being identified as a bear trap. This was confirmed by the close on July 13, indicating a likely continuation of the bullish trend. However, caution is advised as a close below $56,000 could potentially reverse this positive outlook.
The Potential Chart Pattern
There are indications that Bitcoin may be following a familiar pattern of Hump…Slump…Bump…Dump…Pump chart construction. The recent double top attempt on July 5 was identified as a bear trap, further confirmed by the close on July 13. The current scenario suggests that bears may be trapped in their positions, with a close below $56k being the key factor that could change this interpretation.