Bitcoin ETF outflows are diminishing, according to a recent tweet from Galaxy Research. This is substantiated by Galaxy Research’s US spot ETF net flows (30-day rolling) and cumulative total indicator, which experienced a reversal after a significant decline into negative territory. The receding of Bitcoin ETF outflows is also substantiated by the ‘Bitcoin ETF flows by issuer’ indicator. According to the chart, U.S. spot Bitcoin ETF flows by issuer have increased from a significantly negative position observed earlier in the year.
Bitcoin ETF inflows experienced a positive shift this week, following two months of uninterrupted outflows. This development signifies the first net inflow period in the current cycle. This shift indicates a possible stabilisation in institutional demand for Bitcoin following an extended phase of redemptions. Data indicates that U.S. spot Bitcoin ETFs experienced total net inflows amounting to $90.44 million on July 10, whereas U.S. spot Ethereum ETFs saw total net inflows of $18.43 million on the same day. Bitcoin is currently trading at $64,100 after recovering from a low of $61,453 on July 8.
The next barrier for price to surmount is $65,136, coinciding with the daily MA 50, which once surpassed might open the pathway to the $70,000 psychological level. The 70,000 level remains significant as it is the upper band of Bitcoin’s current range, which analysts indicate is now the third longest period spent in any 10,000 price band in Bitcoin’s history, behind only the 10,000–20,000 and 20,000–30,000 bands. In the options market on Deribit, put skews are showing signs of weakening as Bitcoin’s recent price rebound has alleviated concerns regarding downside risks.
Calls at $62,000, $65,000, and $67,000 rank among the most actively traded instruments, alongside the $56,000 put. The market is presently exhibiting a range of contradictory indicators. Bitcoin ETFs continue to linger in the negative territory, even as total net outflows show signs of moderation. While continuous whale accumulation indicates a favourable outlook, a comprehensive market bottom has yet to be established.