Bitcoin Continues Rebound as Spot ETFs See $295 Million in Deposits

Bitcoin has climbed back above $57,000 amid a mix of bullish and bearish factors in cryptocurrency markets. This price point represents a significant recovery from the lows seen last week, when Bitcoin slipped as low as $54,092.80, according to Coingecko data.

One of the most notable developments in recent days has been the resilience of Bitcoin ETF inflows despite market volatility. According to data from Coinglass, U.S.-listed spot Bitcoin ETFs recorded nearly $300 million in net inflows on Monday, July 8, marking their highest buying activity since early June.

BlackRock’s IBIT led the charge with almost $180 million in net inflows, followed by Fidelity’s FBTC. Even Grayscale’s GBTC, which has averaged outflows of 5,092 BTC per day, saw over $25 million in purchases. This surge in inflows comes after a week of significant outflows, with more than $900 million leaving these funds in the previous month.

The strong ETF inflows amid price weakness suggest that institutional investors may be viewing recent selling pressure as a buying opportunity. However, digital asset research firm 10x Research warns of potential risks on the horizon. Their analysis points to a possible “summer lull” for Bitcoin, citing historical patterns and current market conditions. They note that Bitcoin’s price often experiences weakness during the summer months, followed by a recovery in the fourth quarter.

The world’s largest cryptocurrency by market capitalization has been consolidating around the $55,000 to $57,000 range in recent days, with traders closely watching key resistance levels around $60,000. This stability comes as the broader financial markets, including U.S. stocks, continue to reach fresh all-time highs, underscoring Bitcoin’s evolving role as both a risk asset and a potential hedge against traditional market volatility.

10x Research Head of Resarch Markus Thielen also highlighted the potential impact of the upcoming Ethereum ETF approval, expected by the end of summer. He suggests that this could shift investor attention away from Bitcoin in the short term, potentially leading to increased volatility or a temporary price decline for BTC.

Edited by Stacy Elliott.

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Source: https://decrypt.co/239023/bitcoin-continues-rebound-as-spot-etfs-see-295-million-in-deposits