Bitcoin Exchange-traded funds (ETFs) in the U.S. saw their largest daily inflows in nearly a month on Monday, totaling $129 million. Based on historical price trends, Bitcoin appears poised to start July on a bullish note.
NEW: 🇺🇸 #Bitcoin Yesterday, ETFs saw $130 million inflows, the largest in 3 weeks.
We’ll be right back 🚀 photo.twitter.com/ahvdm0hoS2
— Bitcoin Magazine (@BitcoinMagazine) July 2, 2024
This was the fifth consecutive day of positive flows and the highest daily amount since June 7.
A large portion of Monday’s inflows went to Fidelity’s Wise Origin Bitcoin Trust, which saw $65 million flow into the fund. Bitwise’s Bitcoin ETF brought in $41 million, while Ark Invest’s fund brought in $13 million. The two largest Bitcoin ETFs, BlackRock’s iShares Trust and Grayscale’s fund, saw no flows.
The new influx is a welcome sign after a tumultuous June in which Bitcoin ETFs nearly $1 billion in total outflows. The selling pressure mirrored the price of Bitcoin, which briefly dipped below $20,000 in June.
But historically, July is a bullish period for Bitcoin. Over the past decade, Bitcoin has averaged returns above 11% in July, with positive performances 70% of the time.
Some analysts believe seasonality could return in July if spot ETF inflows continue. The theory suggests predictable cycles driven by investors selling around tax season and reentering the market later in the year.
From July, Bitcoin could also face potential selling pressure from unlocked Mountain Gox coins. The price trajectory depends on whether the bullish seasonal influences can outweigh the bearish macro landscape.