Bitcoin Bulls Hopeful Entering July as ETFs Record $130M Inflows

Bitcoin bulls may have reason to cheer as we enter July, with U.S.-listed ETFs recording nearly $130 million in inflows. Meanwhile, ether ETFs are close to becoming available for trading in the U.S., which could see net inflows of $5 billion in the first six months.

Bitcoin Bulls Hopeful Entering July

As we enter the seventh month of the year, bitcoin bulls may have reason to cheer. Despite an uninspiring second quarter, the digital currency has shown promise, with U.S.-listed ETFs recording nearly $130 million in inflows on the first day of July. This is the most since early June, and it’s a far cry from the over $900 million in outflows seen over the month.

Bitcoin’s Price Performance

Over the last decade, bitcoin has gained an average of more than 11% in July, with positive returns in seven of the 10 years. Currently, it’s trading at around $62,600, a drop of about 0.15% in the last 24 hours. While this might not be ideal, the inflows into ETFs suggest that sentiment may be turning.

Bitcoin ETF inflows on the rise

Ether ETFs on the Horizon

Professional investors withdrew over $120 million from ether-tracked exchange-traded products in the past two weeks, according to CoinShares. However, this could be about to change, as ether ETFs are close to becoming available for trading in the U.S. after the SEC approved applicants’ filings last month.

Ether ETFs could see significant inflows

The regulator must also approve their S-1 filings before the products are cleared to trade. If successful, spot ether ETFs in the U.S. could see net inflows of $5 billion in the first six months, according to crypto exchange Gemini.

Ether’s market value relative to bitcoin remains close to multiyear lows

“Given the AUM comparable in international ETF markets, robust on-chain dynamics, and differentiating factors such as a thriving stablecoin environment, there is favorable risk-reward of an ETH catch-up trade in the months to come,” Gemini said.