On July 21, Bitcoin (BTC) saw upward momentum after experiencing steady inflows for 5 consecutive days in exchange-traded funds.
Bitcoin ETF records steady inflows despite turmoil in the cryptocurrency market
On July 20, Bitcoin exchange-traded funds recorded inflows of $226.8 million, according to Father’s side. This is the fifth consecutive day of positive flows, bringing the total to $723.3 million. This is the longest winning streak since May. This is a sign of a strong rebound in investor confidence after the turmoil in the cryptocurrency market.
Continuous flows to Bitcoin ETFs It shows that institutional investors are comfortable with current prices. Funds recorded positive inflows on several days in early to mid-July, including big days like $265.7 million on July 6 and $221.7 million on July 2, which ended a 10-day streak of outflows that pulled more than $2.7 billion out of funds.
Recent inflows, including $181 million, $108 million, and small positive days from July 14-17, boosted weekly totals into positive territory for the second week in a row, totaling about $273 million over two weeks. BlackRock’s IBIT, Fidelity’s FBTC, and ARK’s ARKB are leading the charge in several sessions.
The inflows come as Bitcoin regained $66,000, with bullish sentiment in the cryptocurrency market. At the time of writing, BTC is currently trading at a near level $66,340 With an increase of 1.61% CoinMarketCap. Daily trading volume is present 29.72 billion dollars, In addition to the market value of about $1.33 trillion.
In the past 24 hours, the cryptocurrency market has added nearly $63 billion in value, with major assets such as Ethereum, XRP, and Dogecoin seeing some positive gains. In nearly a month, this was the first time that market sentiment entered neutral territory.
Regulatory gains in the US and Russia boost crypto sentiment
Today’s upward momentum in the overall cryptocurrency market follows major regulatory developments in the digital asset sector across the world.
In the United States, the White House has reportedly reached an agreement on an ethics package linked to the long-awaited plan The law of clarity. The bipartisan bill is expected to clarify the regulatory roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Ethical conflict was the main obstacle to the conflict of interest for the regulatory bill. With the ethics dispute now resolved, it will raise hopes that the bill can move forward in the Senate before the August recess.
On July 21, the Russian State Duma also passed a comprehensive law on the cryptocurrency market. Through this legislation, cryptocurrencies will now be officially treated as property in Russia. Apart from this, it creates a regulated framework for trading and custody under the supervision of the Bank of Russia.
It also limits non-qualified retail investors to a maximum annual purchase of 300,000 rubles ($3,800). Eligible investors will not face any cap, but will have to undergo risk tests. The newly passed law in Russia will enter into force from September 1, 2026. However, some provisions in the regulatory framework will be introduced later. This regulatory framework will open the door to cross-border settlement while completely banning domestic digital asset payments.
Bitcoin whales harvest 84,000 Bitcoin after the price fell below $55,000
During the volatile period in the cryptocurrency market, Bitcoin whales took advantage and bought when its price fell below $55,000. Bitcoin whales accumulated billions of dollars worth of BTC at lower prices during the declines. According to a reportCryptocurrency whales have collected more than 66,700 Bitcoin, worth $4.415 billion, so far this month. This is one of the fastest monthly accumulations in the past few months.
“While the price of Bitcoin is still roughly 50% below its peak, wallets holding between 1,000 and 10,000 Bitcoin have accelerated purchasing at the fastest pace in months,” CryptoQuant said in its report. mail On X.
Buying exploded after bitcoin fell below $55,000 early in the month before recovering to around $66,000. While the majority of retail investors are still hesitant to invest in the cryptocurrency market, whales see the current volatile period as a buying opportunity. This is a similar pattern we saw during the accumulation phase of the last few rallies.
The strategy also added $500 million to its cash reserves through a new offering of convertible securities, all while keeping its Bitcoin holdings intact. This shows the confidence Bitcoin Treasuries have in the digital asset.
