Bitcoin ETF Inflows Signal Potential Bull Run Above $60,000

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On July 9, 2024, Bitcoin ETFs saw a significant net inflow of $216 million, marking the third consecutive day of positive gains. Leading the charge was BlackRock’s IBIT with a $121 million boost, while Grayscale’s GBTC experienced a $37.5 million outflow. Despite last week’s 10.92% correction, Bitcoin has rebounded with a 5.91% jump over three days, currently trading at $59,195 with an intraday growth of 2.01%.

The cumulative net inflow for Bitcoin ETFs now stands at $15.27 billion, with total net assets reaching $50.79 billion, representing 4.45% of Bitcoin’s market cap. This sustained positive inflow suggests renewed investor confidence, potentially teasing the next bull run for Bitcoin.