Bitcoin Price Rises 5% on Record-Breaking ETF Inflow

Bitcoin's price rose by 5% this week, driven in part by a record-breaking $754 million influx into exchange-traded funds (ETFs). This surge in demand is a welcome sign for Bitcoin bulls, but it doesn't necessarily confirm that the market has bottomed out at $60,000.

According to Darkfost, a total of 11,792 BTC worth approximately $754 million was added to ETF provider wallets during the week. While this figure represents the second-best weekly inflow of the year, it's essential to note that technical projections are speculative and may not accurately reflect future market behavior.

Market analyst Astronomer has been pointing to a potential bottom at $60,000 since February, citing the regaining momentum in the Bitcoin ETF segment. While some traders now believe that this level could be the start of a July rally, others remain skeptical, and the current ETF buying doesn't necessarily prove that Bitcoin can't fall again.

Short-term holders are also feeling the pressure, with BTC price currently trading below their cost basis of $67,523. As Axel Adler Jr noted, this is not the first time Bitcoin has closed below its short-term holder Realized Price, and it's likely that some sellers will emerge as they attempt to recoup their losses.