Key Takeaways
- On the illustrious date of July 10th, the U.S. spot BTC ETFs, like overzealous patrons at a buffet, gulped down a veritable feast of $1.2 billion. Traders dreamt of lofty BTC rallies reaching the far-off heavens of $120K and $130K, though poor miners, like faithful servants, began offloading their treasures during the jubilation.
And lo! Bitcoin [BTC] ascended to a magnificent new all-time high (ATH) of $118k, all thanks to the eager inflows of ETFs and the frantic demand from treasury firms—who knew digital coins could stir such excitement?
On that fateful day of July 10th, U.S. spot ETFs flirted with $1.18 billion in daily inflows, dragging along a mighty monthly total of $2.3 billion. Quite the spectacle indeed!
In fact, this influx marked the second-largest daily round of applause since these financial wonders graced us with their presence back in January 2024. What a debut!
Analytics aficionados at Ecoinometrics proclaimed that this robust appetite for ETFs might just catapult BTC to $119K, employing their mystical model data as a hopeful crystal ball.
At the hour of their proclamation, BTC was reclining at around $112K, only for its value to gö forth and skyrocket to $118.8K thereafter. The wise analysts declared,
“Bitcoin is already at an all-time high, and the macro backdrop is shifting into a full risk-on regime.”
BlackRock Takes Center Stage! 🎩📈
As anticipated, BlackRock’s IBIT strutted its financial stuff, commanding nearly half of the inflows ($448.5 million)—a real diva in the world of ETFs. Fidelity’s FBTC was a close second, trailing with a mere $324.34 million. Such rivalry!
In any case, BlackRock’s IBIT ETF recorded a dazzling $5 billion in trading volume on our fateful July 10th, right after a more modest $3.5 billion the day prior, as reported by the white-coated oracle, Bloomberg ETF analyst Eric Balchunas.
Our seer Baldchunas promised a billion-dollar flow on Thursday and Friday, insisting:
“When IBIT sees big volume surges on up price days, it portends big boy flows (as seen in chart) = good chance we see $1b in flows over next two days. It’s also a hair away from $80b.”
On the edge of the financial cliff, the first $1 billion flow had graced our shores. If that faithful Friday (July 11) ushers in yet another billion in ETF inflows, BTC might just dance its way to $120K or beyond! 🎉
The wise sages of the Options market revealed that the highest volume by strike for calls (bullish bets) was stubbornly parked at $130K, $120K, and $125K, suggesting that our brave bulls were casting their wagers on the continued rise of BTC. Who knew bovines could be so optimistic?
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As of this momentous moment, the MPI reading rested at 0.6. Should it extend upward to 2, the miner sell-off might escalate, reminding us all of a similar event marking a local top back in May—a delightful reminder for our joyous little jaunt into the financial unknown!
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2025-07-11 18:25