As inflows into spot Bitcoin exchange-traded funds traded in the USA continued, Bitcoin rose to its highest level in more than a month. Despite the recovery in corporate fund flows, low transaction volumes and selling pressure in the $68,000 region stood out as the main challenges to the rise.
BlackRock stands out in Bitcoin ETF entries
US spot Bitcoin ETFs recorded total net inflows of $203.2 million on July 21. Thus, the positive streak in the funds reached its sixth trading day. BlackRock IBIT ranked first with $163.9 million, followed by Fidelity FBTC with $23.1 million, Ark Invest ARKB with $9.7 million and Grayscale Bitcoin Mini Trust with $6.5 million. No clear movement was seen in other products.
Spot Ethereum ETFs also completed their third positive trading day on July 21, with net inflows of $37.5 million. BlackRock ETHA attracted $52.8 million, while Fidelity FETH drew $15.3 million. No inflows or outflows were recorded in the remaining Ether funds.
| fund group | net login | featured backdrop | Fund movement |
|---|---|---|---|
| Spot Bitcoin ETFs | $203.2 million | IBIT | $163.9 million entry |
| Spot Ether ETFs | $37.5 million | ETHA | $52.8 million entry |
68 thousand dollars became the critical threshold
Bitcoin rose above $66,600 on July 21, recovering nearly 15 percent from its early July low. Bitfinex showed the $68,000 region, where the average cost of investors buying Bitcoin in the last five months is located, as the decisive resistance for the continuation of the rise.
Bitcoin’s first retest of the $68,000 region could spark a strong market reaction. Investors who have reached their cost again may turn to selling, which may put additional pressure on the price.
This level is also near the previous peak, where Bitcoin’s recovery stalled in mid-June. Bitfinex evaluates that the rise may expand if it is exceeded with strong spot transaction volume, and in case of rejection, the market may test lower levels again.
Corporate transactions remain low
Vetle Lunde, Head of Research at K33 Research, points out that corporate participation is still weak. While the amount of open interest in Chicago Mercantile Exchange Bitcoin futures decreased to the lowest level since 2023, the trading volume in the last 30 days remained at 62 percent of the annual average. The average daily spot volume in the last week was approximately 2.3 billion dollars.
Lunde states that ETF flows have stabilized after the intense outflows in May and June, but there are not enough signs that investors have returned to buying strongly.
