Bitcoin ExchangeDaily inflows into U.S. Bitcoin exchange-traded funds (ETFs) hit their highest level in nearly a month on Monday, totaling $129 million, and judging by past price action, Bitcoin is poised to start July on a strong note.
New Arrivals: 🇺🇸 #Bitcoin Inflows into the ETF reached $130 million yesterday, the largest in three weeks.
I’m back🚀 pic.twitter.com/ahvdm0hoS2
— Bitcoin Magazine (@BitcoinMagazine) July 2, 2024
This marked the fifth consecutive day of positive inflows and the highest daily amount since June 7.
The bulk of inflows on Monday went to Fidelity’s Wise Origin Bitcoin Trust, which saw $65 million inflows. Bitwise’s bitcoin ETF brought in $41 million, and Ark Invest’s fund raised $13 million. The two largest bitcoin ETFs, BlackRock’s iShares Trust and Grayscale’s fund, saw no inflows.
The new inflow of funds is a welcome sign after the turmoil of June. Bitcoin ETFs The total outflow was close to $1 billion. The selling pressure reflected the price of Bitcoin, which briefly fell below $20,000 in June.
But historically, July has been the start of a bullish period for Bitcoin. Over the past decade, Bitcoin has returned an average of over 11% in July, with positive performance 70% of the time.
Some analysts believe that if spot ETF inflows continue, seasonality could begin again in July, a theory that suggests a predictable cycle occurs as investors sell around tax season and then re-enter the market later in the year.
Starting in July, Bitcoin could face potential selling pressure due to the unlocking. Mount Gox The coin’s price trajectory will depend on whether bullish seasonality can outweigh the bearish macro environment.
