Bitcoin printed $63,835 today after reclaiming $63,000 for the first time in two weeks, as U.S. spot ETF inflows returned and a squeeze on bearish traders reversed most of the market’s late-June damage.
Key Takeaways
Bitcoin rose 3.6% on the week to top $63,000 on July 4 for the first time since mid-June.U.S. spot bitcoin ETFs pulled in $222 million on July 2, ending a 10-day, $2.7 billion outflow run.Traders say BTC must hold $62,600, with $65,000 the level to beat for a stronger July recovery.That said, analysts cautioned that trading was thin over the Independence Day holiday weekend, a notable data point considering June punished leveraged traders heavily, including an early-June flush of $1.8 billion in forced liquidations, the largest such event since February.
ETF Bleeding Slows After a Record JuneBlackrock’s IBIT, the biggest fund in the group, accounted for the bulk of the exits, and flow trackers put year-to-date net outflows near $5.4 billion.
The tide turned on July 2, when the funds drew $221.72 million in net inflows, snapping a 10-day streak that had pulled $2.7 billion out of the products. Traders read the weak jobs print as easing near-term pressure from the Federal Reserve, giving rate-sensitive assets room to breathe.
