Bitcoin ETF continues to record inflow of more than 200 million USD, BTC surpasses 59,000 USD mark

Bitcoin price hit the $59,000 mark again after many days of facing selling pressure from Mt. Gox and the German government. Bitcoin spot ETF cash flow also showed this change when it continued to record positive inflow of more than 200 million USD on July 9.
The cryptocurrency market in the second week of July seems to have shaken off the negative effects of the news of Mt. Gox repays the debt and the German government sells the coins.

Investor sentiment has been reinforced as evidenced by inflows from spot Bitcoin ETFs in the US market.

As explained, since the green light from the SEC, inflows and outflows from Bitcoin ETFs have been the clearest representation of market sentiment. If the ETF has a positive net cash flow, it proves that investors are buying more than they are selling, indicating the expectation of price increases and vice versa.

At the end of the trading day on July 9 (US time), 11 Bitcoin spot ETFs recorded an inflow of up to 216.4 million USD - following on July 8 with nearly 300 million USD, the highest level in the past month. .


In just 3 trading days after the US Independence Day (July 5, 8 and 9), ETFs recorded a total inflow of 654 million USD. Thereby, Bitcoin price has escaped the 54,260 area recorded on July 8, gradually increasing to the current milestone of 59,000 USD.
1h chart of the BTC/USDT pair on Binance at 12:00 PM on July 10, 2024

According to analysis by 68 Trading, there is a high probability that BTC will once again return to the 60,300 USD area for a back-test.

The good performance of the leading coin also helped Ethereum and other Altcoins recover strongly. ETH price is currently fluctuating around 3,110 USD.
1h chart of the ETH/USDT pair on Binance at 12:00 PM on July 10, 2024

After the Bitcoin spot ETF has been operating stably, the community is placing high expectations on the upcoming launch of the Ethereum spot ETF. As Bloomberg predicts, Ethereum ETF will soon open for trading this July.
Additionally, the ETF for Solana is also starting to attract attention. Many observers predict that, after BTC and ETH, SOL will likely be the third ETF traded on the market. In the latest development, Cboe has just submitted an application to list the Solana ETF of VanEck and 21Shares.