Action on Spot Bitcoin ETFs Ramps Up as Net Inflows Surge
Bitcoin Shows Another False Break. Top Of The Channel Next?
For the fifth consecutive day, U.S. spot Bitcoin exchange-traded funds (ETFs) saw positive net inflows, totaling more than $100 million on Thursday. Leading the pack, BlackRock’s IBIT, the largest spot Bitcoin ETF by net asset value, recorded net inflows of over $72 million and was the most traded ETF on Wednesday, with a trading volume exceeding $900 million. Fidelity’s FBTC followed with net inflows of nearly $33 million.
Other notable contributions came from Bitwise’s spot Bitcoin fund, which saw over $7 million in inflows, while Ark Invest and 21Shares’ ETF added around $4 million. In contrast, Grayscale’s GBTC experienced net outflows of nearly $38 million. Six other funds, including VanEck’s HODL, reported no flows.
On July 11, the total trading volume for U.S. spot bitcoin funds was over $1.3 billion. Although this is lower compared to the peak volumes in March, which surpassed $8 billion on several days, the ETFs have amassed a total net inflow of approximately $15.5 billion since their January launch.
What we can gather from all these numbers is that Bitcoin ETF interest is ramping up and usually, when that happens, Bitcoin starts to come alive. Combine this with the latest BTC bounce at support and we may see some interesting price action ahead.
Adding to this is the chatter surrounding the potential approval of spot Ethereum ETFs. If such ETFs get approved, there’s almost no doubt that volatility will pick up and the crypto market will get an infusion of new capital.
MicroStrategy: What Was 1 Is Now 10
MicroStrategy, the largest corporate Bitcoin holder, has revealed plans for a 10-for-1 stock split, set to take effect on August 1. Chairman Michael Saylor, known for his strong advocacy of Bitcoin, announced that for every share currently owned, shareholders will receive nine additional shares, with the new shares distributed after the market closes on August 7.
The main goal of this split is to make MicroStrategy’s shares more accessible to both investors and employees. Due to Bitcoin’s early 2024 bull run, MicroStrategy’s stock price has more than tripled, making it less accessible. The recent stock split aims to fix that, making it more appealing to smaller investors.
MicroStrategy holds approximately 226,331 Bitcoins, valued at over $13 billion, following its recent acquisitions. After the announcement, Bitcoin’s price jumped 1.5% to around $58,500.
This move is reminiscent of Nvidia’s recent 10-for-1 stock split after its shares surged due to advancements in AI technologies.
Chart Analysis – BTC/USD
Bitcoin is currently changing hands at $57,200 after yet another false break of the descending channel that has trapped the Crypto King since its peak in March.
Several times the channel seemed broken and each time, Bitcoin reversed and travelled all the way to the other side. This time was no different and what seemed to be a clear break turned out to be another fake out.
The RSI was oversold and showing bullish divergence (the indicator made a higher low while the price made a lower low), so there were indications that a move up may follow, which it did.
The next possible destination is $63,600 if $57,000 holds. When and if Bitcoin gets there, we will be dealing with a double top. Depending on how the price behaves there, we will have a better picture of what follows next.
