The U.S. spot cryptocurrency ETF attracted strong capital inflows on July 10, and Bitcoin exceeded US$64,000.
On July 10, the U.S. spot cryptocurrency ETF welcomed strong capital inflows. Bitcoin prices climbed above US$64,000, while falling oil prices and weakening U.S. dollar improved market risk appetite. On the same day, the total net inflow of spot bitcoin funds reached US$90.44 million, and almost all the new funds flowed into BlackRock\'s flagship product.
BlackRock dominates with IBIT inflows
The iShares Bitcoin Trust (IBIT) owned by BlackRock, the world\'s largest asset manager, attracted US$86.83 million in new funds that day. VanEck\'s HODL product followed closely, attracting $3.61 million. These two funds together pushed the total increase in Bitcoin ETF that day to US$90.44 million. Since its launch in January 2024, IBIT has accumulated inflows of approximately US$60.29 billion, while HODL has accumulated inflows of approximately US$1.14 billion. BlackRock\'s IBIT dominates spot bitcoin ETFs, absorbing almost all inflows of the day, while other ETFs have limited trading activity, reflecting institutions \'tendency to choose products with deep liquidity and low cost.
Overall, the U.S. spot Bitcoin ETF currently holds approximately US$77.42 billion in net assets, accounting for approximately 6.05% of Bitcoin\'s current market value. Since trading began at the beginning of this year, the cumulative net inflow of Bitcoin ETFs in the United States has reached US$51.28 billion.
Overview of ETF capital inflows (July 10)
BlackRock IBIT: The inflow on the day was US$86.83 million, with a cumulative inflow of US$60.29 billion.
VanEck HODL: The inflow on the day was US$3.61 million, with a cumulative inflow of US$1.14 billion.
Total of all ETFs: The inflow on the day was US$90.44 million, and the cumulative inflow was US$51.28 billion.
The recovery in the ETF market came after a difficult period in June. In June, Bitcoin funds suffered a net outflow of approximately US$4 billion, including US$2.73 billion withdrawn for 10 consecutive days. Demand rebounded in early July, but capital flows were still concentrated on a few mature products.
Spot Ethereum products also attract new capital
On the same day, the net inflow of the U.S. spot Ethereum ETF was US$18.43 million, or approximately 10,550 ETH at current prices. Among them, BlackRock\'s ETHA fund contributed $16.2 million, and Fidelity\'s FETH products contributed $2.23 million. These inflows indicate continued investor interest in regulated crypto assets other than Bitcoin. Fidelity is a global financial services company known for its asset management, retirement planning and management of a variety of financial products, including ETFs.
While Bitcoin remains the main focus of institutional funds, these data suggest that regulated Ethereum funds are also gaining momentum as the market seeks diversification.
Bitcoin hovers near US$65,000 resistance
Driven by positive ETF inflows and improving broader risk sentiment, Bitcoin briefly traded near $64,149. Ethereum hovers around $1,798. Demand for risky assets has increased as falling oil prices and a weakening U.S. dollar have reassured investors about short-term inflation. However, Bitcoin still faces strong resistance near the $65,000 level. Market observers note that higher prices could trigger a sell-off by short-term holders who bought near previous market highs. According to CryptoQuant data, investors who have held Bitcoin for 1 to 6 months are still at a floating loss of about 15%. The average realized price for new investors is US$61,600, and the average realized price for investors who have held for a little longer is US$74,900.
Holder group and realized price
Investors holding for 1 to 6 months: realized price of US$61,600.
Investors holding for 3 to 6 months: realized price of US$74,900.
This situation means that if prices approach the US$71,000 to US$77,500 range, selling pressure may increase as many investors may try to reduce losses. If prices exceed US$71,000, the technical structure may strengthen, but if momentum continues to rise, there may be heavier selling pressure in the US$73,200 to US$77,500 range. Short-term holders are still at floating losses, and if Bitcoin rebounds to the US$71,000 to US$77,500 range, many people may choose to sell, putting the market under profit-taking pressure.
Market participants also pointed out that inflows into spot ETFs reflect stronger and more stable demand than leveraged futures trading, although buying remains selective and the Coinbase premium remains depressed. Therefore, if the Bitcoin price fails to hold above $64,000, the increased leverage could expose the market to the risk of a sharp liquidation. Cryptocurrency market analyst Axel Adler Jr. reported that buying pressure on short-term holders exceeded selling pressure in June and July, with buying scores ranging from 37% to 46%, and selling scores close to 16%. While this supports the possibility of further gains, existing holders remain cautious.

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