Bitcoin Rocket Fuel? ETF Outflows Halt, $70,000 BTC Price Surge Looms
Bitcoin ETF outflows are reportedly receding and turning positive, signaling potential stabilization in institutional demand. Bitcoin's price has recovered to $64,100, eyeing the $70,000 psychological level amidst mixed market signals and weakening put skews.
Recent analysis from Galaxy Research indicates a significant shift in the Bitcoin ETF landscape, with outflows now receding. This observation is supported by Galaxy Research's US spot ETF net flows, a 30-day rolling indicator, and its cumulative total, both of which have shown a reversal after previously plummeting into negative territory. Further substantiation comes from the 'Bitcoin ETF flows by issuer' indicator, which, according to a chart shared by Galaxy Research, has climbed higher from a deeply negative zone experienced earlier in the year.
This week marked a notable turn for Bitcoin ETF inflows, which became positive after two consecutive months of outflows. This represents the first net inflow period in the recent cycle, suggesting a potential stabilization in institutional demand for Bitcoin following an extended period of redemptions. Data from SoSoValue further highlights this trend, reporting total net inflows of $90.44 million for U.S. spot Bitcoin ETFs on July 10. Concurrently, U.S. spot Ethereum ETFs also recorded positive movement, with total net inflows of $18.43 million on the same day.
In terms of price action, Bitcoin is currently trading at $64,100, having rebounded from a low of $61,453 recorded on July 8. The immediate hurdle for Bitcoin's price is $65,136, a level that coincides with the daily MA 50. Surpassing this resistance could pave the way for Bitcoin to target the psychologically significant $70,000 level.
The $70,000 mark holds particular importance as it represents the upper boundary of Bitcoin's current trading range. Analysts note that this period of consolidation within a $10,000 price band is now the third longest in Bitcoin's history, trailing only the $10,000–$20,000 and $20,000–$30,000 bands.
Observing the options market on Deribit, put skews have continued to weaken, a development attributed to Bitcoin's recent price rebound, which has alleviated downside concerns. Among the most actively traded instruments are calls at $62,000, $65,000, and $67,000, alongside the $56,000 put. Despite these positive indicators, the market currently displays mixed signals. While total net outflows from Bitcoin ETFs are easing, they still remain in a net negative zone. Furthermore, while continuous whale accumulation suggests a positive undertone, a broad-based market bottom has yet to be officially confirmed.