For the eighth consecutive day, the Spot Bitcoin ETF experienced an inflow, and the community, including those making near-term predictions, was bullish. What stood out the most was crossing the $400 million mark, an increase of over $100 million from the day before. Spot Bitcoin ETF, in particular, had $422.5 million as of July 16, 2024, and $300.9 million on July 15, 2024.
It is noteworthy that the inflow experienced a decline on July 11, 2024, from $147.4 million to $78.9 million. The hit was hard, surrounded by speculation about whether it would lead to an outflow. The last time Spot Bitcoin ETF experienced an outflow was on July 3, 2024, for $20.5 million. It had built up from the outflow of $13.7 million on July 2, 2024.
It is possible that the ETF reacted too early to updates about Mt. Gox settlements and the German government selling seized Bitcoin tokens. Analysts expect both factors to exert selling pressure on the market, but they are confident that the market will be prepared to withstand this pressure.
The development comes at a time when Bitcoin has almost immediately transitioned from extreme fear to greed territory. The FGI is up to 65 points amidst 5.10% volatility and a 14-day RSI of 63.25.
That said, BTC is listed at $65,822.75 when articulating this piece. That is a surge of 2.62% in the last 24 hours and 11.66% in the last 7 days. It is believed that Bitcoin began tracing its steps back to a higher value when reports about an assassination attempt on Donald Trump surfaced. The community projected it as an incident to deter his winning chances, assuming that the intention was something else and that Donald was lucky to make it through.
Also, Donald Trump’s decision to select JD Vance as his vice president candidate is believed to have contributed to the rebound. Vance is known to be a crypto-friendly public figure. Crypto enthusiasts are placing their confidence in him to fuel the entire crypto sphere’s growth trajectory.
Bitcoin slipped below $60k, triggering a series of speculations about whether it was time to shed some weight or buy the dips. Several investors decided to buy the dips. They are now potentially sitting on a decent profit, and there is a mutual feeling among the victims of the 2014 hack attack on Mt. Gox. Only time will tell how many of them decide to sell a portion of their holdings and take the profit home.
Spot Bitcoin ETFs have been on the move since July 12, 2024. It had surpassed the margin of $300 million despite delivering a performance of just $78.9 million a day before. Note that near-term BTC forecasts have been improved, and the token could go as high as $85,413 in the next 30 days. That would be a surge of 32.41% from the current value.