Key Driver of Bitcoin Rebound: US Stock Bitcoin ETF Sees Largest Weekly Inflow Since May

According to the financial news app Zhitong Finance, after the trading price of Bitcoin, the world's largest market capitalization cryptocurrency, fell to the lowest level since February a week ago, the "buy on dips" group in the US stock market has returned in large numbers to Bitcoin ETFs, which have also experienced a significant decline in prices. The Bitcoin ETF in the US stock market has seen the largest inflow of funds in over a month, serving as an important catalyst for the rebound in Bitcoin prices this week. Statistics from JPMorgan show that in the week ending July 11th, the total net inflow of Bitcoin spot ETFs reached a high of $882 million, with an average daily inflow of $175 million. This marks the highest weekly inflow of funds since May 23rd.

Global asset management giants BlackRock and Fidelity's Bitcoin ETFs lead all Bitcoin ETFs in the US stock market, with inflows of up to $403 million and $361 million respectively in the week ending July 11th. Meanwhile, Grayscale's ETF continues to show a trend of outflows, with a cumulative outflow of nearly $87 million during this period.

This marks the second consecutive week of inflows into Bitcoin ETFs, with a total inflow of approximately $166 million in the previous week, breaking a trend of three consecutive weeks of outflows, during which US stock Bitcoin ETFs saw outflows of over $1.1 billion.

Prior to the latest wave of ETF inflows, the price of Bitcoin fell below the key level of $54,000 on July 5th, dropping to the lowest level since February this year, but has since rebounded significantly this week.

Concerns among cryptocurrency enthusiasts about Mt. Gox creditors selling the cryptocurrencies they have recovered from the collapsed exchange have severely impacted the trading price of Bitcoin, the world's largest cryptocurrency by market capitalization. At the same time, German authorities may start selling over 50,000 Bitcoins they have seized. According to a report from JPMorgan, the authorities may complete the liquidation of their held crypto assets by the end of July.

There are optimistic expectations in the market for the future trend of Bitcoin

Since this week, the price of Bitcoin has rebounded significantly. The Bitcoin trading price is currently hovering around $58,000, up more than 8% from the interim low on July 5th.

Some cryptocurrency traders are increasing their bets that Bitcoin will hit a new all-time high before the end of the year, as they are optimistic about the dovish bets of at least two interest rate cuts by the Federal Reserve this year, as well as the increasing inflow of funds into Bitcoin exchange-traded funds (ETFs) Galaxy Digital founder and CEO Michael Novogratz stated that a more positive political environment in the United States towards digital assets may help drive Bitcoin to a record high of $100,000 by the end of this year, or even higher. In an interview, he said, "If the price of Bitcoin rises to $73,000 in the next few weeks, it will reach $100,000 or higher by the end of this year."

Caroline Bowler, CEO of BTC Markets Pty, stated, "Cryptocurrencies like Bitcoin are increasingly influenced by macro factors such as expectations of the Federal Reserve interest rates." However, she added that she remains optimistic about the long-term investment prospects of cryptocurrencies.

According to a recent research report released by Bernstein, the firm's fundamental forecast indicates that the price of Bitcoin is expected to reach $200,000 by 2025, $500,000 by 2029, and $1 million by 2033