Bitcoin (CRYPTO:BTC) started the second half of the year by rallying from $60,000 to $63,700.
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What happened
This upward momentum follows a brief pause below the $60,000 support level last Monday and was supported by $73 million inflows into the BTC spot ETF on Friday, June 28. This is the largest daily inflow in two weeks.
L’Grayscale ETFs (OTC:GBTC) saw an outflow of $27.1553 million in a single day, while the BlackRock ETF (NASDAQ:IBIT) recorded a single-day inflow of $82.4255 million.
The ETF of Ark Invest e 21Shares (BATS:ARKB) saw inflows of $42.8 million in a single day.
At the time of writing, Bitcoin is trading at around $62,750, up 2.4% in the last 24 hours.
Seasonal trends also favor Bitcoin’s performance in July.
Historically, BTC has a median monthly return of 9.6%, often rebounding strongly after a negative June, when it dropped 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 bullish positioning last Friday, anticipating the potential launch of a spot ETF on Ethereum (CRYPTO:ETH).
This anticipation further supports bullish sentiment for the month of July, with many signs pointing to a robust performance for BTC.
The false break of $60,000 and continued bullish momentum suggests that investors may still consider buying BTC below $60,000, with potential rallies to $71,000.
Because it is important
Alongside Bitcoin’s positive move, digital asset investment products have seen 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 inflows with $10 million, while Ethereum’s $61 million hit a high since August 2022.
Over the past two weeks, Ethereum has seen outflows totaling $119 million, making it the worst-performing asset of the year in terms of net flows.
Regionally, the United States leads the way with $43 million in inflows, followed by Brazil and Australia, which recorded $7.6 million and $3 million, respectively.
Conversely, negative sentiment dominated in Germany, Hong Kong, Canada and Switzerland, which together saw outflows of $79 million.
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