Bitcoin ETF Outflows Recede, $70,000 BTC Next?

Bitcoin ETF outflows are receding, Galaxy Research said in a recent tweet. This is substantiated by Galaxy Research's US spot ETF net flows (30-day rolling) and cumulative total indicator, which saw a reversal after plunging deeply into negative territory.

The receding of Bitcoin ETF outflows is also substantiated by the 'Bitcoin ETF flows by issuer' indicator. According to the chart shared by Galaxy Research, U.S. spot Bitcoin ETF flows by issuer climbed higher from a deeply negative zone reached earlier in the year.

Bitcoin ETF inflows turned positive this week after two months of consistent outflows, marking the first net inflow period in the recent cycle. This shift suggests potential stabilization in institutional Bitcoin demand after a prolonged period of redemptions.

According to SoSoValue data, U.S. spot Bitcoin ETFs recorded total net inflows of $90.44 million on July 10, while U.S. spot Ethereum ETFs recorded total net inflows of $18.43 million on the same day.

Bitcoin to $70,000?

Bitcoin is currently trading at $64,100 after recovering from a low of $61,453 on July 8. The next barrier for price to surmount is $65,136, coinciding with the daily MA 50, which once surpassed might open the pathway to the $70,000 psychological level.

The $70,000 level remains significant as it is the upper band of Bitcoin's current range, which analysts say is now the third longest period spent in any $10,000 price band in Bitcoin's history, behind only the $10,000–$20,000 and $20,000–$30,000 bands.

In the options market on Deribit, put skews continue to weaken as Bitcoin's recent price rebound eased downside concerns. Calls at $62,000, $65,000, and $67,000 are among the most-traded instruments, along with the $56,000 put.

The market is currently flashing mixed signals. Bitcoin ETFs still remain in the negative zone despite total net outflows easing. While continuous whale accumulation suggests positivity, a broad-based market bottom is yet to be confirmed.