Bitcoin ETFs Attract $129 Million Inflows Amid Market Volatility
The Bitcoin market is experiencing renewed excitement as Bitcoin ETFs reported significant inflows on July 1.
According to Spotonchain, Bitcoin ETFs attracted $129 million in new investments, sparking optimism for Bitcoin’s price prospects.
This marked the fifth day in a row of positive inflows, reflecting strong investor confidence. Notably, none of the US Bitcoin ETFs recorded outflows on that day. Fidelity led the inflows with $65 million, while BlackRock and Grayscale saw no net changes.
Overall, Bitcoin ETFs have accumulated $266 million in inflows over the past five days, which could stabilize Bitcoin’s price movements.
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Despite this influx, Bitcoin is facing selling pressure from miners, who have sold over 2,300 BTC worth around $145 million in recent days, contributing to price fluctuations.
Currently, Bitcoin is trading at $62,600, a slight drop from its previous value. Market data indicates that while there is some short-term uncertainty, the long-term outlook remains positive.
Reports suggest a decrease in selling pressure from miners and potential factors that could drive Bitcoin’s price up to $70,000.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
