The 13 spot Bitcoin ETFs traded in the US recorded a total of $75.67 million in net inflows last week. The previous week, $197.4 million entered the funds. Thus, after an eight-week breakout series, the second weekly positive period was completed and expectations that a bottom had formed in the market gained strength. This is a very important turning point for Bitcoin and the cryptocurrency market and is a data that is followed carefully.
ETF flows turn positive again
The re-intensification of military conflicts between the USA and Iran at the beginning of the week led to an outflow of $ 424.7 million in Bitcoin funds in a single day. However, in the following sessions, capital flows turned positive again.
During the period from July 13 to 17, spot Ether ETFs received net inflows of $105 million, XRP ETFs received $6.78 million, and Solana ETFs received $948,200. Hyperliquid ETFs saw a net outflow of $7.26 million.
| fund group | Weekly net flow |
|---|---|
| Bitcoin ETFs | $75.67 million entry |
| Ether ETFs | $105 million entry |
| XRP ETFs | $6.78 million entry |
| Solana ETFs | 948 thousand 200 dollars entry |
| Hyperliquid ETFs | $7.26 million exit |
Richard Galvin, DACM Chairman and Chief Investment Officer, considers the fact that the inflows continued for two consecutive weeks after eight weeks of outflows as a positive sign that the market has begun to confirm the bottom level.
Bitcoin broke above the critical average
Bitcoin is back above the 200-week moving average at approximately $63,300. The asset, which has been traded between 60 thousand and 65 thousand dollars in recent weeks, briefly exceeded 65 thousand dollars despite the news of the new US attack on July 20.
Erickson Capital investment director Damien Lo assesses that the conflict could increase inflation and interest pressures, which could delay the broader return of institutional capital. Lo also states that the adoption of the CLARITY Act in the US Congress before the August recess could create new support for Bitcoin. The bill needs bipartisan support in the Senate to pass.
The fact that conflicts in the Middle East cause interest rates to remain high for a longer period of time continues to put pressure on risky assets, including Bitcoin.
Whales are reducing their positions
The latest situations in Bitcoin whale trading transactions are as follows: A whale wallet that has not been active for five years transferred 700 BTC to another address. The current value of the assets purchased for a total of $22.34 million reached approximately $45.3 million.
Another investor, holding one of the largest Bitcoin long positions, sold 903.4 BTC with 10 limit orders and made a profit of $554,400. The investor, who reduced his net position by 668.2 BTC, was left with a long position of 994.2 BTC at an average cost of 64 thousand 52 dollars. Whales holding a large amount of Bitcoin in their hands believe that there is a bottom in Bitcoin and their expectation of an upward trend in the price of Bitcoin from this point onwards is getting stronger.
