Bitcoin exchange-traded funds (ETFs) in the US saw their biggest daily inflow in nearly a month on Monday, reaching $129 million. Based on historical price trends, Bitcoin seems poised to start July on a bullish note.
NEW: 🇺🇸 #Bitcoin ETFs saw inflows of $130 million yesterday, the largest in 3 weeks.
We are very much back 🚀 pic.twitter.com/ahvdm0hoS2
– Bitcoin Magazine (@BitcoinMagazine) July 2, 2024
This marked the fifth straight day of positive flow and the highest daily total since June 7.
Most of Monday’s inflows went to the Fidelity Wise Origin Bitcoin Trust, which saw $65 million go into the fund. Bitwise’s Bitcoin ETF took $41 million, while Ark Invest’s attracted $13 million. The two largest Bitcoin ETFs, BlackRock’s iShares Trust and the Grayscale fund, did not fare well.
The new inflows are a welcome sign after June’s frenzy in which Bitcoin ETFs shed nearly $1 billion in total outflows. The selling pressure matched the price of Bitcoin, which dipped below $20,000 briefly in June.
But historically, July has started the Bitcoin era. Over the past decade, Bitcoin has posted an average return of over 11% in July, with a positive performance 70% of the time.
Some analysts think the season could start again this July if spot ETF inflows continue. The theory suggests predictable cycles driven by investors selling out at tax time and re-entering the market later in the year.
As of July, Bitcoin may also face selling pressure from Mt. Gox unlocked. Its price depends on whether the bullish season can overcome the bearish macro landscape.
