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.
The past is so far away🚀 pic.twitter.com/ahvdm0hoS2
— Bitcoin Magazine (@BitcoinMagazine) July 2, 2024
It was the largest daily flow since the 7th of June.
Fidelity Wise Origin Bitcoin Trust saw a large amount of Monday’s influx, with $65 million entering the fund. Bitwise’s Bitcoin ETF received $41 million while Ark Invest attracted $13 millions. 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 Total outflows of nearly $1 billion. Bitcoin’s value, which briefly dropped under $20,000 during June, was reflected in the pressure to sell.
In the past, however, it has been July that began a period of bullish performance for Bitcoin. Bitcoin posted an average return of over 11% per month in the last ten years, and 70% of those months were positive.
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.
Bitcoin may also be subject to selling pressure in July from other unlocked currencies. Mt. Gox coins. The price of the coin depends on whether or not bullish macro-trends can overcome bearish seasonality.
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Source: bitcoinmagazine.com
