A critical week has begun for spot Ethereum ETFs, which received approval from the SEC in May. Many top analysts predict that ETH ETFs could begin trading on July 4.
While expectations for ETFs increased, the leading cryptocurrency Bitcoin started the week positively, rising after the test below the $ 60,000 support level last week.
While spot BTC ETF inflows were also effective in BTC rising above $ 63,000, a new evaluation came from QCP Capital analysts.
Stating that Bitcoin continues to recover with a net inflow of $ 73 million seen in spot ETF inflows last Friday, analysts said that these inflows are the highest daily inflows in the last 2 weeks.
Pointing out that Bitcoin’s July performance was generally positive, QCP analysts said that BTC showed a strong recovery trend for July.
Finally, analysts stated that investors were also on the rise, probably in anticipation of the ETH spot ETF launch, and that many signs such as historical performance and ETF inflows pointed to an increase in July.
“BTC started the second half well, rising from the $60,000 region to $63.7000 following the break below the $60,000 support level last week.
BTC spot ETF inflows also continued to recover, with a net inflow of $73 million last Friday, the highest daily inflow in 2 weeks.
Looking at seasonality, BTC has an average return of 9.6% in July and tends to bounce back particularly strongly after a negative June (-9.85%).
Our options desk also saw flows last Friday positioning for an upside move towards the end of the month, likely awaiting the ETH spot ETF launch. “Many signs point to an uptick in July.”
At the time of writing, BTC, which reacted to the German government’s Bitcoin sale, fell below $ 63,000 and continues to be traded at $ 62,826, while Ethereum continues to be traded at $ 3,482.
*This is not investment advice.
