en.bitcoinsistemi.com
A critical week has begun for spot Ethereum ETFs, which received approval from the SEC in May. Many top analysts predict that $ETH ETFs could begin trading on July 4.
While expectations for ETFs increased, the leading cryptocurrency Bitcoin started the week positively, rising after the test below the $ 60,000 support level last week.
While spot $BTC ETF inflows were also effective in $BTC rising above $ 63,000, a new evaluation came from QCP Capital analysts.
Stating that Bitcoin continues to recover with a net inflow of $ 73 million seen in spot ETF inflows last Friday, analysts said that these inflows are the highest daily inflows in the last 2 weeks.
Pointing out that Bitcoin's July performance was generally positive, QCP analysts said that $BTC showed a strong recovery trend for July.
Finally, analysts stated that investors were also on the rise, probably in anticipation of the $ETH spot ETF launch, and that many signs such as historical performance and ETF inflows pointed to an increase in July.
“$BTC started the second half well, rising from the $60,000 region to $63.7000 following the break below the $60,000 support level last week.
$BTC spot ETF inflows also continued to recover, with a net inflow of $73 million last Friday, the highest daily inflow in 2 weeks.
Looking at seasonality, $BTC has an average return of 9.6% in July and tends to bounce back particularly strongly after a negative June (-9.85%).
Our options desk also saw flows last Friday positioning for an upside move towards the end of the month, likely awaiting the $ETH spot ETF launch. “Many signs point to an uptick in July.”
At the time of writing, $BTC, which reacted to the German government's Bitcoin sale, fell below $ 63,000 and continues to be traded at $ 62,826, while Ethereum continues to be traded at $ 3,482.
*This is not investment advice.