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Bitcoin tops $66,000 as spot ETF inflows and lower exchange balances help
US spot Bitcoin ETFs logged five straight sessions of net inflows, bringing about $727 million over the period, after prior withdrawals weighed on price.
Bitcoin rose above $66,000, extending its rebound as exchange-traded fund inflows and a sharp drop in balances on major crypto exchanges eased selling pressure that has weighed on the market since May, according to CryptoSlate. Data from CryptoSlate showed bitcoin traded as high as $66,277 and was near $66,181 as of press time, up about 3.3% from the prior close. The move pushed bitcoin to its highest level in more than a month and placed it above the range that had contained multiple recovery attempts during July. The rally also triggered leverage unwind activity, with CoinGlass data showing 78,126 traders liquidated over 24 hours and total liquidations of about $260.3 million. CryptoSlate noted the liquidation size does not confirm whether the advance was driven by durable spot-market demand or by traders closing leveraged positions. While institutional flows have improved, longer-term indicators suggest investors are not yet accumulating bitcoin or transferring new stablecoin purchasing power to trading platforms at a pace tied to sustained gains. CryptoSlate cited SoSoValue data showing US spot Bitcoin ETFs recorded five consecutive sessions of net inflows, totaling about $727 million, the longest streak since early May, and added that bitcoin would likely need to attract capital faster and for a longer period to sustain the move and recover more of the losses from the preceding selloff.
Latest closeBitcoin $66,568.55 ▲2.0%