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Despite the positive performance this week, crypto traders remain cautious. Blockchain market intelligence firm Santiment has recently noted a decline in positive Bitcoin commentary on social media compared to four months ago.
Investment giant BlackRock purchased over $1 billion worth of bitcoin in July, including a $107 million acquisition just on July 18. This aggressive buying spree is part of a broader trend that has seen the BlackRock-issued iShares Bitcoin Trust (IBIT) consistently attract millions from investors since last Monday.
Despite market jitters over potential sell-offs by Mt. Gox creditors, the IBIT fund marked the ninth consecutive day of inflows. Thomas Fahrer, co-founder of crypto data platform Apollo, states:
“This is a total acceleration of inflows.”
July has been a landmark month for IBIT, with the highest single-day inflow reaching $260 million on July 16. Remarkably, seven out of the past nine days have seen inflows exceeding $100 million.
Institutional Investors Growth
In total, all ten bitcoin spot ETFs have brought in $1.96 billion since July 5, as reported by SoSo Value data. The highest inflow of $310.21 million for this month was recorded on July 12. This robust inflow underscores the rising interest of institutional investors in the cryptocurrency space. Anticipation is also building around the launch of Ether-based spot ETFs, which are expected to further amplify this interest.
Additionally, the recent surge in popularity of former US President Donald Trump, particularly after an assassination attempt, has bolstered Bitcoin’s appeal. Trump, who has shifted towards a supportive stance on crypto, has become a favorite of the crypto community.
Michael Saylor, chairman of MicroStrategy, also noted today that Bitcoin has emerged as a “political force”.
Bitcoin is currently trading at around $63,770, up by more than 11% in the last seven days. However, the cryptocurrency has seen a drop of 1.4% in the last 24 hours, with a modest trading volume of $27.1 billion. This represents a recovery from the “Extreme Fear” zone, which it hit last week – the lowest since January 2023.
Ether is trading at $3,390, down by around 1.5% in the last 24 hours.
Decline in Positive Commentary
Despite the positive performance this week, crypto traders remain cautious. Blockchain market intelligence firm Santiment has recently noted a decline in positive Bitcoin commentary on social media compared to four months ago.
“Positive commentary toward Bitcoin has plummeted despite the mid-sized crypto market bounce this week. Many traders, particularly on Binance, are opening shorts with the expectation of BTC dropping again,” experts wrote.
