Bitcoin exchangeThe U.S. exchange-traded fund (ETF) market saw its largest inflow of $129 millions on Monday. Bitcoin’s price trend suggests that it will start the month of July in a bullish manner.
NEW: 🇺🇸 #Bitcoin The largest ETF inflows in 3 weeks was $130 millions yesterday.
It’s so good to be back🚀 pic.twitter.com/ahvdm0hoS2
— Bitcoin Magazine (@BitcoinMagazine) July 2, 2024
The highest amount of daily flows since June 7th was recorded on this fifth consecutive positive day.
Fidelity Wise Origin Bitcoin Trust received $65 millions of the Monday inflow. Bitwise Bitcoin ETF attracted $41 Million, Ark Invest Fund $13 Million. Both the largest Bitcoin ETFs – BlackRock’s iShares Trust, and Grayscale Fund – saw no flow.
After a turbulent June, which saw a number of protests and riots across the country, it is a good sign to see new inflows. Bitcoin ETFs The total amount of outflows is close to $1 billion. Bitcoin’s value, which briefly dropped under $20,000 during June, was mirrored by the pressure to sell.
Histoically, the month of July is the beginning of a bullish phase for Bitcoin. Bitcoin posted an average return of over 11% per month in the last decade. Positive performance was seen 70% of time.
Analysts believe that seasonality will return this July, if the spot ETF flows continue. According to the theory, predictable cycles are driven by investor selling during tax season before reentering markets later in the year.
Unlocked Bitcoins could put pressure on Bitcoin prices starting in July. Mt. Gox coins. If bullish macro trends can overcome bearish seasonalities, then its price will rise.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: bitcoinmagazine.com