Bitcoin has grown in step with the overall encryption market, and market attention has shifted from price per se to source. ETF data on financial flows, chain holding and market structure show that this round is not driven by a single force, with institutions, long-term holders and large addresses in place.

ETF net inflow for five consecutive days

The United States marketed spot bitcoin ETF has attracted more than $700 million in inflows over the past five trading days. This was the longest-lasting net inflow since May.

According to Tagus Capital, this contrasts with the continuous redemption in the early summer period. The agency mentioned that during the period from mid-May to June, there was an outflow of approximately $7.5 billion from the related fund.

Long-term holders continue to inhale.

The chain wallet data also show that long-term holders with a currency period of at least six months are continuing to absorb bitcoin on the market. The buyout structure is therefore more oriented towards medium- and long-term configuration than just short-term trading.

According to Alex Kuptsikeevich, the chief market analyst of FxPro, citing CriptoQuant, the large bitcoin address has continued to increase the holding stock over the past two months, while the medium-sized wallet is being sold. This fragmentation is usually seen as a positive signal in the medium term.

Glassnode also indicated that the current market structure was more balanced than it had been a month earlier. Long-term holders are still providing support, while speculative participation is not clearly out of control for the time being.

  • ETF net inflows in five days exceeded $700 million
  • The last round was about $7.5 billion.
  • BTC report USD 66,271

Policy expectations coexist with liquidity risk

Market sentiment is also driven by US policy messages. Reports indicate that the White House has agreed to the expression of the ethical clause of the Clarity Act, which increases the likelihood that the bill will move forward and provides a clearer expectation for institutions to participate in the encrypted market.

However, short-term risks have not disappeared. Marketers have pointed out that the United States Treasury's large-scale issue and settlement of the national debt this week could draw liquidity out of the financial system, thus suppressing the performance of risky assets, including encrypted assets.

The founder of Mott Capital Management, Michael Kramer, predicts a $56 billion new short-term debt issue this week, $37 billion on Thursday and $13 billion on Friday. If short-term debt supplies remain high during the summer, risk assets may continue to be under pressure.