Bitcoin (BTC) Price Skyrockets as Bullish Sentiment Returns to the Crypto Market

Spot Bitcoin ETF market has also been witnessing positive inflows in the last few days. ETF traders have turned bullish on BTC, giving a strong push to the overall market.

Crypto market bullish sentiment is back as investors are showing more interest. Notably, the spot Bitcoin ETF market has also been seeing positive inflows over the last few days. ETF traders have turned bullish on BTC, giving a strong boost to the overall market.

According to the latest data from SoSo Value, spot Bitcoin ETFs secured a massive $423 million in inflows on July 16. While this is a huge amount of inflows, the most crucial part is that the market has been seeing positive inflows for eight consecutive days.

The cumulative total net inflow currently stands at $16.53 billion, which showcases the rapid growth of Bitcoin ETFs since their launch in January. Moreover, the total net assets of these ETFs are valued at around $58.46 billion, which is nearly 4.58% of the total BTC market cap, displaying the growing market dominance of spot ETFs.

Breaking down the market data further, BlackRock’s IBIT witnessed a single-day inflow of $260 million, while Fidelity’s FBTC secured a single-day inflow of $61 million. Most of the other funds also had positive inflows during this period. However, BlackRock’s Bitcoin ETF is clearly leading the market.

How does this impact Bitcoin price?

Positive inflows for spot Bitcoin ETFs have consistently had a bullish effect on the BTC price. At the time of writing this story, BTC is trading at $65,295 after a notable surge of 3.4% over the last day. Moreover, the coin has surged 11.51% over the last week.

This weekly surge is parallel to the positive inflows observed in Bitcoin ETFs over the last eight days. This suggests that rising institutional investment has served as a bullish signal for the Bitcoin price. Overall, market sentiment has turned optimistic for BTC, and it may be eyeing further gains in the upcoming days.

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