The United States spot bitcoin ETF resumed net inflows on Thursday, ending a situation that had previously seen 10 consecutive trading days. SoSoValue data show a net inflow of $221.7 million that day, the largest single-day inflow in almost two months. The continued divestment has taken away some $2.7 billion, making June the worst out of this product since it was listed.
The return of funds is concentrated in a few products.
From a single product, FBTC had a net inflow of $166 million, Ark had a net inflow of $91.8 million and VanEck had a net inflow of $4.4 million. The IBIT, under the Beled flag, is in reverse for $40.4 million, continuing the trend since mid-June.
Bitcoin prices also rebounded simultaneously. CoinGecko data show that bitcoin fell by $58,000 earlier this week, touching about 21 months of lows and then rising to over $61,000.
Employment data low rate increase expectations
The market shift took place against the backdrop of weak economic data in the United States and a slowdown in the Federal Reserve. In the United States, 57,000 people were added to non-farm employment in June, down from the market forecast of approximately 110,000. The report also mentioned that Federal Reserve Chairman Kevin Warsh had stated that inflation risk had been mitigated, which weakened the market's bet on further interest rates and led to a fall in the dollar.
The chief research director of Bitrue Research Institute, Andri Fauzan Adziima, argued that, with the improvement in overall market sentiment, funds had re-entered Bitcoin ETF and pushed Bitcoin back over $61,000. At the same time, it was mentioned that ETF, which was available at the Ether Workshop, also showed signs of warming, recording a net inflow of $14.9 million and $29.1 million on Wednesday and Thursday, respectively.
The inversion is still pending.
HashKey Senior Researcher Tim Sun stated that the change in the round was due mainly to the expected marginal adjustment of interest rates. The continued outflows in the preceding period reflect the fact that the market has previously been taking into account the possibility of further interest-rate hikes, which have pushed up the dollar and the real rate of return and suffocated the non-interest-producing bitcoin.
However, according to several interviewees, the return was more of a short-wire repair after a reduced interest rate pressure than a reversal of the trend. Stephen Wundke, the head of the Algoz Technologies Strategy and Receipts, predicts that bitcoin may still experience several weeks of shock near the lower stages.
Additional information:According to the Decrypt parent company, Myriad, users are still cautious and tend to think that bitcoin is looking ahead to $55,000 instead of $84,000.