Spot Bitcoin ETFs traded in the US recorded net inflows of $221.7 million on Thursday. Thus, while the funds ended the outflow series that lasted 10 trading days, they reached the strongest daily money inflow in the last two months. In the same period, the Bitcoin price rose above 61 thousand dollars again after falling below 58 thousand dollars during the week.
The debut series has ended
According to SoSoValue data, the strongest performance of the day came from Fidelity’s FBTC fund with $166 million. There was an inflow of $91.8 million to ARKB and $4.4 million to VanEck’s HODL fund. In contrast, BlackRock’s IBIT fund diverged negatively with an outflow of $40.4 million, continuing its weak course since mid-June.
The 10-day outflow wave that ended had led to a total withdrawal of $2.7 billion from spot Bitcoin ETFs. June was recorded as the weakest period ever for these products. There was a net outflow of approximately $4.5 billion from US spot Bitcoin ETFs during the month.
Bitrue Research Institute research leader Andri Fauzan Adziima stated that the softer tone from the US Federal Reserve front improved the general market sentiment, which supported inflows into Bitcoin ETFs and contributed to Bitcoin’s recovery above $61,000.
Macro data supported risk appetite
Weakening data regarding the US economy was effective in this turnaround in the market. Non-agricultural employment increase in June was announced as 57 thousand. Market expectation was around 110 thousand. The data, which was below expectations, strengthened the view that the pressure on interest rate increases may ease.
In the same period, softer messages from the Fed also reduced the pressure on risky assets. Analysts evaluate that the withdrawal of the dollar and the movement in real yields helped temporarily reduce the pressure on Bitcoin, which does not offer interest income.
Ethereum ETFs also saw inflows
Adziima said a similar recovery has begun to be reflected in spot Ethereum ETFs. According to SoSoValue data, these products received a net inflow of $14.9 million on Wednesday and $29.1 million on Thursday.
HashKey senior researcher Tim Sun attributed the latest move to the limited change in interest rate expectations. According to Sun, previous outflows were linked to additional interest rate increases being priced into the market. Weak employment data weakened this expectation somewhat.
Cautious outlook maintained
However, market experts are not clear about a permanent change in direction. Sun emphasized that the latest rise should be seen as a temporary recovery due to the easing of interest rate pressure for now. He stated that the short-term course of Bitcoin may continue to depend on the dollar, real interest rates and Fed policies.
Algoz Technologies strategy and revenue director Stephen Wundke said that the latest movement was influenced by investors buying assets that fell into the oversold zone. According to Wundke, some investors started to look for the bottom levels, especially after searching for a safe haven. Despite this, the assessment that Bitcoin may follow a fluctuating course in the bottom region for a few more weeks stands out.
