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Bitcoin (CRYPTO: BTC) has begun the second half of the year by rebounding from the $60,000s to as high as $63,700.
What Happened: This upward momentum follows a brief break below the $60,000 support level last Monday and has been bolstered by $73 million in BTC spot ETF inflows on Friday, June 28. This marks the highest daily inflow in two weeks.
The Grayscale ETF (OTC:GBTC) had a single-day outflow of $27.1553 million, while the BlackRock ETF (NASDAQ:IBIT) had a single-day inflow of $82.4255 million.
Ark Invest and 21Shares’ ETF (BATS:ARKB) had a single-day inflow of $42.8 million.
At the time of writing, Bitcoin is trading around $62,750, a 2.4% increase over the past 24 hours.
Seasonal trends also favor Bitcoin’s performance in July.
Historically, BTC has a median return of 9.6% for the month, often rebounding strongly after a negative June, where it experienced a decline of 9.85%.
This seasonal bounce, coupled with last week’s strong inflows, suggests a bullish outlook for the cryptocurrency, according to data from Coinshares.
Their options desk observed positioning for an upside move last Friday, anticipating a potential launch of an Ethereum (CRYPTO: ETH) spot ETF.
This anticipation further supports the bullish sentiment for July, with many signs pointing towards a robust performance for BTC.
The false break of $60,000 and the ongoing bullish momentum suggest that investors might still consider buying BTC below $60,000, with potential rallies reaching up to $71,000.
Also Read: SEC Files Lawsuit Against Consensys Over Unregistered Brokerage Activities
Why It Matters: In parallel with Bitcoin’s positive movement, digital asset investment products saw a third consecutive week of outflows totaling $30 million, according to Coinshares. This indicates a significant reduction in the pace of outflows compared to previous weeks.
Bitcoin ETPs led the inflows with $10 million, while Ethereum’s $61 million in outflows marked a high since August 2022.
Over the past two weeks, Ethereum has seen outflows totaling $119 million, making it the worst-performing asset year-to-date in terms of net flows.
Regionally, the United States led with $43 million in inflows, followed by Brazil and Australia, which saw $7.6 million and $3 million, respectively.
Conversely, negative sentiment dominated in Germany, Hong Kong, Canada and Switzerland, which collectively faced outflows amounting to $79 million.
This complex landscape of fund flows will be a critical topic at Benzinga’s Future of Digital Assets event on Nov. 19.
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