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▲ Bitcoin (BTC)/AI Generated Image
The record-breaking selling spree, which saw $2.7 billion exit US Bitcoin (BTC) spot ETFs over 10 trading days, has halted, but with another $84.9 million outflow in just one day, the full return of institutional funds remains questionable.
According to crypto media outlet Cointelegraph on July 9 (local time), crypto investment firm Swissblock stated, "The storm has passed. The most overwhelming wave of ETF selling in this bear market is over." This analysis suggests that Bitcoin's risk indicators have moved out of the capitulation zone, and Bitcoin spot ETF flows have turned slightly positive.
Data from Farside Investors showed that US Bitcoin spot ETFs recorded net outflows for 10 consecutive trading days from June 17, totaling $2.7 billion. Subsequently, over $500 million flowed in over three trading days, but on the 8th, another $84.9 million in net outflows was recorded. Swissblock stated, "ETF accumulation is positive but not yet strong. Institutional confidence has not fully returned."
The temperature difference between the spot and derivatives markets is also distinct. CryptoQuant contributor IT Tech analyzed that the 30-day cumulative demand, which was close to minus 500,000 BTC a week ago, has recovered to approximately minus 75,000 BTC. During the same period, futures demand shifted slightly positive from minus 295,000 BTC, but spot demand remained negative.
IT Tech stated, "The recent rebound was mainly led by derivatives investors, while spot buyers remain relatively cautious." He added, "Historically, the strongest and most sustainable rallies have begun when both futures and spot demand rise together."
The recent Bitcoin rebound showed a trend where futures demand recovered first, while spot buying had not yet followed. Swissblock also assessed that ETF accumulation strength is insufficient, indicating that institutional investor confidence has not fully returned.
[Article Key Summary]
-US Bitcoin spot ETFs recorded a total net outflow of $2.7 billion over 10 trading days, then attracted over $500 million in funds over three trading days.
-On the 8th, another $84.9 million flowed out of Bitcoin spot ETFs, leading to an analysis that institutional demand is not yet strong.
-Futures demand turned positive, but spot demand remained negative, indicating that the recent rebound was led by the derivatives market.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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