Bitcoin (BTC) outlook as crypto funds see another week of inflows

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Written on Jul 3, 2023

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Cryptocurrency asset products see the second week of inflows.
Bitcoin retains a bullish stance, with $123M in inflows.
Bitcoin seems poised for notable price surges.

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CoinShares weekly fund flows data shows retail and institutional participants remain bullish on cryptocurrencies. Digital asset investment products recorded a second week of remarkable inflows, totaling $334M within the past fourteen days.

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Crypto funds saw $199M inflows the week earlier and $125M last week. Meanwhile, Bitcoin’s $123M saw it dominating this narrative, accounting for 98% of all crypto asset flows over the past two weeks.

Crypto maintains a bullish stance

CoinShares stats shows digital asset inflows stood at $125 million for the week concluding on 2 July. That marked the second week of inflows, bringing the overall two-week figure to $334 million – nearly 1% of the total AUM.

Bitcoin took the lion’s share, with $123 million in inflows. Nonetheless, short-Bitcoin investment products’ $0.9 million outflows over the past seven days meant a 10th week of consecutive outflows despite the latest price increase.

Also, top altcoins such as Ethereum, XRP, Cardano, and Litecoin saw traction. Ether led the alts with $2.7 million in inflows. Further, blockchain equities ended their 9-week streak of outflows with $6.8M inflows following optimistic sentiments.

Bitcoin price outlook

Cryptocurrency prices recorded sideways actions over the past few days. Bitcoin gained around 1% within the last 24 hours to $30,637 (at press time). Also, the altcoin market mimicked the dominant crypto’s 24hr actions, presenting minor upticks.

Meanwhile, analysts remain optimistic as far as Bitcoin prices are concerned in the upcoming sessions. @rovercrc believes a move past the resistance of $32K will see BTC skyrocketing to $40K seamlessly.

If #Bitcoin breaks above $32.000

$40.000 is next.

— Crypto Rover (@rovercrc) July 3, 2023

Indicators seem to align with Bitcoin’s optimism. For instance, the monthly MACD indicator turned green, suggesting significant surges in the coming months. This signal has catalyzed bull markets in its previous two cases, resulting in a 4,000% and 450% upside.

Invezz.com reported how Bitcoin’s derivative markets have lately gained momentum, with ProShare’s BITO witnessing record-high inflows. Indeed, the dominant cryptocurrency by market cap appears to have what it takes to hit its upside targets.