Bitcoin price is recovering, up 3,2% in the last few hours and 6,5% in the last week.
According to data consulted on the CoinMarketCap platform, the price of Bitcoin has surpassed $57.000 per BTC, driven by several bullish factors that are present in the cryptocurrency market.
The recovery in the BTC price represents a significant advance from the lows seen last week, when Bitcoin touched $53,700 per unit, according to data from the platform.
One of the factors that is currently contributing to the recovery of the Bitcoin price is The resistance of Bitcoin spot ETF inflows, which, despite market volatility, are recording positive net inflows.
Data platform Soso Value shows that spot Bitcoin ETFs listed on US exchanges saw daily inflows of $294,9 million on Monday, July 8, marking its highest purchasing activity in the last month.
BlackRock leads fund inflows and Bitcoin price recovery
iShares Bitcoin Trust (IBIT)BlackRock's Bitcoin spot exchange-traded fund, recorded the largest inflows on Monday, with $187,2 million in net inflows.
Following the BlackRock ETF are the funds Fidelity Wise Origin Bitcoin Fund (FBTC), from Fidelity Investments, and the Grayscale Bitcoin Trust (GBTC), from Grayscale Investments, with net inflows of $61,5 million and $25,1 million, respectively.
source: Soso Value
Crypto market analysts and experts suggest that the positive inflows these investment vehicles are registering highlight the renewed interest institutional investors have in the market-leading cryptocurrency.
In relation to the above, @CarlBMenger said that institutional investors are buying up virtually all the Bitcoin sold by the German government, which has put almost half of its Bitcoin reserves on exchanges.
Bitcoin enthusiast and investor Alondra Davis also commented that the bitcoins being sold by Germany are being bought by US investors via spot ETFs. According to the expert, this is a great historical moment in which the transfer of transgenerational wealth “from weak hands to strong hands” can be seen.
Australia gives the green light to its 2nd Bitcoin spot ETF
Another bullish factor that is helping the current recovery of the Bitcoin price is the listing of a new cryptocurrency exchange-traded fund on the Australian stock exchange.
The BTXX fund, issued by DigitalX, will begin trading on the Australian Securities Exchange (ASX) from July 12, providing investors with a regulated and accessible way to invest in the largest cryptocurrency on the market.
In a recent press release, DigitalX stressed that the listing of this fund creates a direct and transparent access route to the price of Bitcoin. Its CEO, Lisa Wade, assured that Bitcoin ETFs will be a game-changer in the investment market.
Bitcoin recovers $57.000
The current market developments have pushed the price of Bitcoin higher, with a slight recovery of 3,2% over the past 24 hours.
According to CoinMarketCap, the price of the cryptocurrency at the time of writing this article is $ 57.200 dollars.
Source: CoinMarketCap
In short, the net inflows and the launch of a new Bitcoin spot ETF highlight both investor interest in the cryptocurrency and the evolving role of Bitcoin as a digital asset, which has become an anti-inflation store of value and a risk asset for millions of people around the world.
As the Bitcoin price rally continues this week, experts are also warning of potential risks that are on the horizon in the crypto market. One of these is the potential listing of Ethereum spot ETFs, which could be very close to receiving regulatory approval to launch and start trading on exchanges. According to experts, this approval could divert the attention of institutional investors towards Ethereum, instead of Bitcoin, in the short term.
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
