Bitcoin ETF inflows reach US$90 million, Bitcoin returns to US$64,000 mark

Bitcoin ETF inflows rebounded, BlackRock dominated the market

ETF demand returned, Bitcoin tested the US$65,000 mark

On July 10, Bitcoin ETF inflows reached US$90.44 million, of which BlackRock\'s IBIT contributed almost all the new funds entering U.S. spot funds.

On the same trading day, the spot Ethereum ETF also attracted US$18.43 million in capital inflows, indicating that regulated demand for cryptocurrencies is no longer limited to Bitcoin.

Bitcoin prices rose above US$64,000, approaching the key US$65,000 resistance level, benefiting from weaker oil prices and support for risky assets from a weaker U.S. dollar.

Short-term holders are still losing money due to a high cost base, causing new selling pressure in the US$71,000 to US$77,500 range.

U.S. spot funds attracted new funds after Bitcoin returned above $64,000. According to SoValue data, on July 10, the inflow of Bitcoin ETF funds reached US$90.44 million. On the same trading day, spot Ethereum products also increased by US$18.43 million.

This is another positive capital inflow day after the net outflow of Bitcoin ETF of approximately US$4 billion in June. Bitcoin trading prices are close to $64,149, while Ethereum fluctuates around $1798. Both have benefited from weaker oil prices and a weaker dollar. However, Bitcoin still faces strong resistance around $65,000, and investors are assessing whether institutional demand can drive the rebound to continue.

Bitcoin ETF inflows rise, BlackRock dominates the market

BlackRock\'s iShares Bitcoin Trust (IBIT) contributed US$86.83 million that day, VanEck\'s HODL fund increased US$3.61 million, and the total Bitcoin ETF inflow reached US$90.44 million. Since its launch, IBIT has attracted approximately US$60.29 billion, while HODL\'s cumulative capital inflows are approximately US$1.14 billion.

The total net assets of the U.S. spot Bitcoin ETF market are approximately US$77.42 billion, accounting for approximately 6.05% of Bitcoin\'s market value. Since the launch of transactions in January 2024, the cumulative net inflow of these products has reached nearly US$51.28 billion.

Prior to the release of the latest data, regulated Bitcoin funds experienced a difficult time in June. Investors withdrew about $4 billion that month, the worst monthly performance since the product was launched. In addition, a total of approximately US$2.73 billion was withdrawn from capital outflows for 10 consecutive days, and positive inflows did not resume until early July.

Current Bitcoin ETF capital inflows show selective demand rather than a full influx of all products. Almost all of the July 10 total came from IBIT, and VanEck added the rest. This concentration suggests that large investors still prefer funds that are highly liquid, actively traded and have competitive rates.

The inflow of Ethereum ETF is small but in the same direction. The increase of US$18.43 million on that day was equivalent to approximately 10550 ETH units based on current prices. BlackRock\'s ETHA attracted $16.2 million, while Fidelity\'s FETH increased $2.23 million.

ETF demand returns, Bitcoin tests the US$65,000 mark

Bitcoin rose above $64,000, approaching a three-week high, while the dollar weakened. Falling crude oil prices have also alleviated short-term inflation concerns and provided more room for risky assets to rebound. However, the rebound still needs stronger spot demand support to effectively break through US$65,000.

Short-term holder data poses another challenge. Buyers who have held Bitcoin for 1 to 6 months are still at a floating loss of about 15% on average. The cost price for the latest buyer is about $61,600, while the cost price for 3-to 6-month holders is close to $74,900.

This gap could trigger selling pressure in a stronger rally. Holders buying around $70,000 may use the rebound to reduce losses. If it exceeds US$71,000, the market structure will improve, and the US$73,200 to US$77,500 range may attract more supply.

Bitcoin ETF inflows provide a stronger demand signal than leveraged futures activity. However, negative apparent demand and a weak Coinbase premium still suggest U.S. spot buyers are cautious. If Bitcoin falls below $64,000 and loses momentum, rising leverage may also expose the market to severe liquidation risks.

Analyst Axel Adler Jr. said buying pressure from short-term holders has recently exceeded selling pressure. During June and July, buying scores ranged from 37% to 46%, while selling pressure remained around 16%. These conditions support a possible rebound, but long-term holders still tend to sell at higher prices.