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US-listed spot Bitcoin exchange-traded funds recorded a net inflow of $197.4 million in the week ended Friday, snapping an eight-week streak of weekly outflows dating back to May.Data from Farside Investors shows that most of the week’s gains came from the BlackRock iShares Bitcoin Trust ETF, which recorded $291.9 million in inflows. This was offset by outflows from the Grayscale Bitcoin Trust ETF, the Fidelity Wise Origin Bitcoin Fund and the ARK 21 Shares Bitcoin ETF. The end of the outflow streak could suggest institutional demand for Bitcoin is recovering after two months of sustained selling pressure. However, one analyst said it’s too early to tell with ETF and stablecoin outflows and seasonality in August and September. “There’s also been a pattern over the past few months where Bitcoin performs better in the first half of the month, then consolidates in the latter half,” 10x Research founder and CEO Markus Thielen told Cointelegraph. “Without flows still pronounced and ETF flows yet to meaningfully pick up, even after Bitcoin’s 9%+ jump, the headwinds remain in our view.”The $197.4 million weekly inflow was modest compared with the $8.26 billion investors withdrew since May 11. Total spot Bitcoin ETF net inflow. Source: SoSoValueLast week, Real Vision chief crypto analyst Jamie Coutts told Cointelegraph that Bitcoin could be entering the latter stages of the bear market, based on early technical signs suggesting that selling pressure is easing. Related: Strategy’s Saylor needs clarity in BTC pivot message to convince investors: StanChart“I think we’re getting through most of the bear market action. It’s still not over, clearly. But you know, I think we’re approaching at least the second half,” Coutts said. Other analysts say there could be further downsides ahead. Russell Thompson, chief investment officer at asset manager Hilbert Capital told Cointelegraph last week that he believes Bitcoin remains in a downcycle and could hit a low around October this year. Ether ETFs also break outflow streakMeanwhile, US-listed spot Ether ETFs also broke their eight-week losing streak, with $84.42 million in net inflows for the week ended Friday, led by BlackRock and Fidelity’s Ether funds. The inflows paled in comparison with the $1.2 billion in net outflows since May 11. Magazine: Has Bitcoin bottomed for this cycle? Analysts say ‘not yet’
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Binance is in talks with regulators that have invited the exchange to apply for crypto licenses following its withdrawal from the Markets in Crypto-Assets Regulation (MiCA) application in Greece, according to co-CEO Richard Teng.Teng said at the Reuters NEXT Asia conference in Singapore on Thursday that the discussions are still “premature” and declined to identify the jurisdictions. MiCA created a single licensing framework for crypto firms across the European Union. After the bloc’s transition period expired on July 1, the European Securities and Markets Authority said crypto firms must serve EU clients through a MiCA-authorized entity, with limited exceptions for unsolicited cross-border business.Binance withdrew its application for a MiCA license in Greece on June 24, after reports surfaced that Greek regulators were planning to reject the exchange’s licensing bid.“It caught us by surprise because we submitted a fully compliant application. The regulators told us as much,” Teng said.“We are not quite sure why the approval kept being delayed. We withdrew the application because otherwise our users would have faced a very short transition period,” he added.Related: EU crypto rulebook faces enforcement challenge as MiCA transition endsEU users withdraw assets to self-custodyTeng argued that many European users opted for self-custody rather than transferring their assets to MiCA-authorized exchanges.“Of the users in the EU [who] have subsequently withdrawn their funds out of our platform, 70% of those funds went to self-hosted wallets. Only 30% flowed to MiCA-regulated entities,” Teng said.He questioned whether MiCA is meeting its consumer protection objectives, arguing that self-hosted wallets receive less regulatory oversight than licensed exchanges.Binance recorded $1.23 billion in net outflows during the week beginning June 29, up 207% from roughly $400 million the previous week, according to DefiLlama data reviewed by Cointelegraph.The transition has also intensified competition among exchanges holding MiCA licenses. OKX said in a statement that its app downloads rose 158% between June 24 and July 5, citing Sensor Tower data.Binance questions MiCA’s impactBeyond Europe, Teng said Binance continues to expand its regulatory footprint in Asia, citing its partnership in the Philippines.“We have deployed in many places in Asia now, from Japan to Korea to Thailand, Indonesia, Australia. We just announced the Philippines. A few more are coming,” Teng said.Related: ESMA turns spotlight on crypto custody risks after MiCA transitionBinance reentered the Philippine market through a partnership with BlockShoals Technologies after regulators moved to restrict access to the exchange in 2024. However, neither Binance nor BlockShoals is licensed by the Bangko Sentral ng Pilipinas to handle peso transfers or other central bank-regulated virtual asset services.In a June interview with Cointelegraph, BlockShoals’ head of legal, Marie Antonette Quiogue, said the arrangement allows Binance to offer crypto trading because those activities fall under the jurisdiction of the Philippine Securities and Exchange Commission, while services regulated by the central bank would require separate authorization.Magazine: The 5 types of real world assets being tokenized fastest onchain
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Bitcoin (BTC) trades slightly above $62,000 and is down nearly 2% over the past 24 hours amid a risk-off mood across global markets. The pressure is not coming from crypto exclusively and is more so attributed to a sharp selloff in semiconductor and AI stocks. Renewed profit-taking from Samsung sent Asian markets reeling overnight, and military escalation between the US and Iran sent oil up around 5%. As a result, US stocks opened lower, and on Wednesday the Federal Reserve released the minutes from its June meeting, a report traders typically watch closely for clues on the timing of any rate cut. Currently, markets price roughly a 73% chance the Fed holds rates steady at its next meeting on July 29, but the major takeaway for investors will be how the tone of the minutes frames the Fed’s view on inflation and interest rates. Bitcoin buyers quickly became sellers Bitcoin’s cumulative volume delta (CVD) showed traders buying on Monday, with futures CVD adding about $585 million and spot CVD adding nearly $119 million, for a combined $705 million in net buying as BTC rallied above $64,000. By Wednesday, the mood had shifted to reflect traders’ apprehension and the need to cut risk ahead of oil’s advance, the semiconductor selloff and the pending release of the Fed minutes. Futures market selling accelerated to nearly $500 million and spot followed with a $86 million sell volume. BTC/USD spot and futures CVD. Source: HyblockBitcoin’s funding rate and open interest dropped, reflecting traders’ choice to cut positioning, but the week-long trend of positive funding rates remains intact. BTC/USD funding rate, open interest. Source: HyblockLiquidations have also stayed relatively small in dollar terms, but they are one-sided. Wednesday’s forced selling was almost entirely on the long side, with roughly $47 million in long liquidations versus about $4 million in short liquidations. Hyblock’s liquidation data shows a large cluster of long positions near $61,000 and if Bitcoin trades down into that zone, those forced sales can briefly accelerate the move lower. A trend reversal is not confirmed Although Bitcoin bulls put in a good effort, absorbing dips to $60,000 and below, and fresh flows from spot markets and BTC ETF buying show investor appetite in the current range, the bulk of the price move remains driven by futures activity. Wednesday’s price action demonstrates how fast conviction and price can unravel when the primary fuel behind the move is futures-driven, and sentiment across the crypto market remains in the “fear” category according to the Crypto Fear & Greed index.Crypto Fear & Greed Index. Source: Alternative.meBeyond the geopolitical and Fed-related impact on intra-day price action, Strategy’s recent sale of 3,588 BTC and the fact that Bitcoin’s current price is below its $74,582 average price have cast an ominous cloud over the wider market as investors grapple with the reality that the largest BTC treasury could become a frequent seller.
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Bitcoin (BTC) fell from nearly $64,000 on Sunday to about $62,000 on Monday, and the primary trigger behind the move appeared to be a SEC disclosure showing Strategy’s largest ever sale of 3,588 BTC. The fuller explanation for the price action can be found deeper in the plumbing.Sunday’s climb toward $64,000 was almost entirely futures driven. Net futures buying reached roughly $415 million for the day, capped by a single four-hour burst of about $687 million that force-closed some $33 million in bets against Bitcoin. Spot flows over the same session were slightly negative, and this gap matters since a rally with no cash buyers behind it rests on positions that can be forced to unwind at any moment.Monday morning delivered the unwind, and it accelerated as Strategy’s filing landed. The largest corporate Bitcoin treasury holder sold BTC for $216 million to fund dividend payments, with a further $1.25 billion of sale capacity still untouched. Related: Bitcoin recovers from Strategy’s BTC sale, funding rates hit 9%: Are bulls back?Following the news, Bitcoin futures flows swung to roughly $456 million of net selling in a single four-hour window. Liquidations hit both directions at once, roughly $42 million of bullish positions and $49 million of bearish ones. The Monday afternoon recovery looked different from Sunday’s rally as futures buying of about $568 million was joined, for the first time in days, by meaningful spot buying of about $143 million.BTC/USD cumulative volume delta. Source: HyblockThrough the price whipsaws, Bitcoin’s funding rate held firm in positive territory for over a week, including during Monday’s slide. With about $20.6 billion in open futures positions, the market’s leveraged optimism remains largely intact, but due to the funding rate and number of longs crowded into leveraged positions, the current setup is fragile.BTC/USD open interest. Source: HyblockTwo areas to keep an eye on are whether Strategy’s sale marks the beginning of a prolonged selling phase for the company and whether the unused $1.25 billion authorization will weigh on any rally. On Wednesday, the Federal Reserve releases minutes from its June meeting, with markets currently pricing in a 75.6% chance that rates will remain at 3.50%-3.75% in July. Any hawkish tone in the minutes may test crowded leveraged long positions, with pressure zones at $62,300 to $62,800 above the market and $61,000 and $59,500 below.
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