The Rise of US Spot Bitcoin ETFs

The US spot Bitcoin ETFs have been experiencing a significant uptrend, with a daily net inflow of $301 million recorded on July 15th. This marks the seventh consecutive day of positive inflows, signaling a strong interest in Bitcoin ETFs among investors. The top spot Bitcoin ETF, BlackRock’s IBIT, led the way with net inflows of $117.25 million. Other key players like Ark Invest and 21Shares’ ARKB also saw substantial inflows, highlighting the growing demand for these investment products.

The positive momentum in Bitcoin ETFs comes amidst a broader market recovery, with no outflows recorded on the day. A total of $2.26 billion was traded on Monday, although the trading volume was lower compared to March when it exceeded $8 billion on some days. Despite this, the collective net inflow for these ETFs since their launch in January has reached $16.11 billion, showcasing the sustained interest from investors.

The recent surge in Bitcoin’s price, up more than 9% over the past week and currently trading below $64,000, has contributed to the positive sentiment surrounding Bitcoin ETFs. The assassination attempt on pro-crypto former US President and presumptive Republican candidate Donald Trump also played a role in sparking a recovery in the digital asset market. Experts are optimistic about Bitcoin’s price trajectory, with veteran trader Peter Brandt suggesting a potential major rally ahead.

Peter Brandt’s analysis of Bitcoin’s price outlook based on the “Hump->Slump->Bump->Dump->Pump” pattern indicates a continued upward trend for the digital asset. He emphasized the importance of the July 13 close in confirming a bear trap scenario and warned of a potential reversal if Bitcoin’s price falls below $56,000. Despite the volatile nature of the cryptocurrency market, the positive market sentiment and increasing demand for Bitcoin ETFs paint a bullish picture for the future.

Overall, the rise of US spot Bitcoin ETFs reflects a growing appetite for exposure to digital assets among investors. The recent market dynamics, coupled with positive price momentum for Bitcoin, point towards a favorable outlook for the cryptocurrency market. As more institutional investors and retail traders embrace digital currencies, the demand for Bitcoin ETFs is expected to continue on an upward trajectory.