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Bitcoin trades between $60,000 and $65,000 as catalysts fade
Spot bitcoin ETF inflows hit a four-month high of $850 million over the past week after June outflows of nearly $5 billion.
Bitcoin was trading around $62,800 on Aug. 14 and has remained rangebound between $60,000 and $65,000 as summer market doldrums limit obvious near-term catalysts, according to a Yahoo Finance weekly wrap.
The outlet said hopes for a rebound tied to light U.S. inflation reports did not materialize, and U.S. equities have also drifted sideways as the AI-driven rally continues in fits and starts.
Despite the lack of price momentum for the broader crypto market, Yahoo Finance pointed to renewed activity in spot bitcoin ETFs. It said inflows to roughly a dozen U.S.-listed spot bitcoin ETFs reached a four-month high of $850 million over the past week, following close to $5 billion in outflows in June.
The weekly update also highlighted corporate and product moves in the bitcoin ecosystem, including Strategy’s continued sales of bitcoin and stock, and BlackRock’s launch of an iShares ETF that combines stocks with a 3% bitcoin allocation under the ticker IBQT on the Toronto Stock Exchange on Aug. 10.
Latest closeBitcoin $63,059.42 ▲0.1%