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BTC 
ETH Market sentiment changes, and Bitcoin ETFs absorb large inflows of funds.
On July 10, U.S. spot cryptocurrency exchange-traded funds (ETFs) welcomed a significant inflow of funds, coinciding with the Bitcoin price breaking through US$64,000. The rally was driven by improved risk appetite driven by falling oil prices and a weakening US dollar. Spot Bitcoin funds attracted large capital injections, with a net inflow of US$90.44 million, most of which went into BlackRock\'s flagship product.
Why is BlackRock leading the ETF competition?
BlackRock\'s success story continues, with its iShares Bitcoin Trust (IBIT) receiving new deposits of US$86.83 million, accounting for the largest share of the day\'s capital inflows. At the same time, Van Eyck\'s HODL products followed closely with a smaller increase of $3.61 million. Since its establishment in January 2024, BlackRock\'s cumulative total IBIT inflows have reached approximately US$60.29 billion.
Overall, the net assets under management of the U.S. spot Bitcoin ETF are currently approximately US$77.42 billion, accounting for approximately 6.05% of Bitcoin\'s current market value. Since their launch at the beginning of this year, the total net inflow of these ETFs has reached US$51.28 billion.
Can Ethereum follow Bitcoin\'s footsteps?
Investor interest is not limited to Bitcoin. On the same day, the U.S. spot Ethereum ETF also welcomed favorable capital inflows, with a net inflow of US$18.43 million, mainly due to the contribution of US$16.2 million from BlackRock\'s ETHA fund. Fidelity\'s FETH product added $2.23 million to this, highlighting the growing appeal of regulated digital assets beyond Bitcoin.
Although Bitcoin dominates institutional attention, Ethereum\'s regulated funds are gaining attention as investors seek to diversify their investments in a single crypto asset. These data show that market confidence in Ethereum-based products continues to increase.
Boosted by positive ETF inflows and broader risk appetite, Bitcoin continues to hover around resistance levels of around $65,000. Despite these fluctuations, if prices rise to the $71,000 to $77,500 range, they are expected to face significant selling pressure as previous buyers may try to cover losses.
The average loss for short-term Bitcoin holders is about 15%.
Resistance is expected to be around US$65,000, with significant supply in the US$73,200 to US$77,500 range.
Bitcoin ETFs are attracting more stable, deleveraging inflows than futures.
Cryptocurrency market expert Alex Adler pointed out that from June to July, short-term holders \'buying behavior exceeded selling behavior, and the market expected a possible upward trend. However, despite these optimistic signs, caution remains among current holders, highlighting the complexity of the crypto investment landscape.
