After a strong 12-day streak of inflows, spot Bitcoin exchange-traded funds (ETFs) recorded net outflows totaling $131.35 million on Monday.
The retreat follows a wave of enthusiasm that had seen $6.6 billion enter the market over nearly two weeks, reflecting renewed institutional and retail appetite for the asset class.
This reversal is being interpreted by market analysts as a sign of measured profit-taking rather than fear-driven selling.
ARK Invest Sees Largest Outflows Among ETF Issuers
The bulk of Monday’s outflows came from ARK Invest’s ARKB fund, which registered a $77.46 million pullback.
Grayscale’s GBTC was next in line, recording $36.75 million in outflows.
Fidelity’s FBTC also saw notable exits, shedding $12.75 million.
Smaller outflows came from VanEck’s HODL and Bitwise’s BITB, with $2.48 million and $1.91 million, respectively.
Interestingly, BlackRock’s IBIT, which holds the largest net assets at $86.16 billion, remained neutral, showing no inflows or outflows for the day.
Despite the single-day downturn, the cumulative net inflow figure for all spot Bitcoin ETFs remains healthy at $54.62 billion.
Total net assets across the group now stand at $151.6 billion, which represents 6.52% of Bitcoin’s overall market capitalization.
Market Rebalance Seen as Key Driver Behind ETF Exits
Kronos Research’s chief investment officer, Vincent Liu, explained that the timing of the outflows lines up with strategic rebalancing.
“The recent ETF outflows reflect profit-taking near the highs and measured institutional rebalancing to lock in gains,” Liu told Cointelegraph.
According to Liu, this shift is not indicative of panic selling, but rather a natural market cycle after a significant rally.
“It’s not panic but positioning — a natural pause after a strong upward run,” he added.
This cooling-off period comes after two consecutive billion-dollar inflow days earlier in July — $1.18 billion on July 10 and $1.03 billion on July 11 — marking the first time such an event has occurred in Bitcoin ETF history.
Ethereum ETFs Continue to Attract Capital
While Bitcoin ETFs saw outflows, Ether-based ETFs continued their positive momentum.
Spot Ether ETFs saw an impressive $296.59 million in net inflows on Monday, pushing their total inflows to $7.78 billion.
Ethereum products are now enjoying a 12-day streak of inflows, mirroring the earlier run seen in Bitcoin ETFs.
That streak includes a standout performance on Wednesday when Ethereum ETFs pulled in $726.74 million — their highest single-day inflow since launch.
This was followed by Thursday’s $602.02 million inflow, showing a steady increase in demand for Ether-related investment vehicles.
Conclusion
While Monday’s outflows from Bitcoin ETFs may seem like a setback, analysts see them as a healthy breather rather than a sign of a broader shift in sentiment.
Investor interest in crypto ETFs remains strong, with Ether products stepping up as Bitcoin takes a short pause in capital inflows.
Venture capitalist Tim Draper believes macroeconomic forces are reshaping Bitcoin’s traditional market behavior, particularly its four-year halving cycle.
Draper, a founding partner at Draper Associates, argued in a recent interview that the gradual decline of the U.S. dollar could dampen the effects of Bitcoin’s halving events—long known to trigger significant price movements in the crypto market.
“Between 10-20 years from now, the dollar will be extinct,” Draper told Cointelegraph.
“The world is changing, and we are watching it happen. We are right in the center of an anthropological leap forward,” he said.
Bitcoin’s Role as a Safe Haven
Draper pointed to growing investor interest in Bitcoin as a hedge against flawed monetary policies, rising inflation, global instability, and lack of trust in traditional financial institutions.
He described Bitcoin as an “escape valve” amid these pressures, noting that its appeal continues to grow due to its fixed supply and decentralized nature.
Shifting Focus from the Halving Cycle
Bitcoin halvings, which reduce the number of new coins entering circulation, have historically triggered bull markets.
However, Draper said that while the halving still has some influence, larger macroeconomic dynamics may now be more decisive in shaping Bitcoin’s trajectory.
“The halvings may have less of an effect if Bitcoin runs against the dollar the way it has, because it will probably go for a prolonged period,” Draper said.
“It will still be affected in some way by that four-year cycle, but I think the effect will dampen. I think there will be a macro driver that pushes Bitcoin along, and I think the macro driver will be a bigger deal than the halvings.”
Debate Over Bitcoin’s Maturity
The idea that Bitcoin is evolving into a macroeconomic asset is not universally accepted.
Xapo Bank CEO Seamus Rocca recently said that the four-year cycle is still valid, suggesting that halving events remain relevant.
Others believe that Bitcoin has matured past its early speculative cycles and is now more reactive to broader economic shifts.
Global Conditions Favoring Bitcoin
Draper’s perspective aligns with other experts who expect geopolitical and economic turbulence to benefit Bitcoin and other hard-money alternatives.
In February, Bitwise analyst Jeff Park suggested that ongoing inflation, protectionism, and the weakening U.S. dollar could drive global Bitcoin adoption.
Meanwhile, the U.S. government continues to push dollar-backed stablecoins to preserve the dollar’s dominance by increasing demand through blockchain integration.
Skepticism of Stablecoins’ Longevity
Despite this strategy, not everyone sees stablecoins as a permanent solution.
Bitcoin advocate Max Keiser criticized dollar-denominated stablecoins as a temporary fix, predicting they will eventually be outpaced by gold-backed tokens and Bitcoin itself.
As macroeconomic conditions change and digital currency becomes increasingly mainstream, Draper and others see the dollar’s future as uncertain—and Bitcoin’s as more integral to global finance.
Bitcoin (BTC) is eyeing a climb toward $155,000 amid a bullish technical setup known as the “golden cross.”
On Thursday, trader Merlijn highlighted the recent development on X, formerly Twitter.
He noted that the 50-day simple moving average (SMA) has crossed above the 200-day SMA on the daily chart.
This golden cross pattern often signals strong bullish momentum in markets.
Merlijn emphasized its historical impact, saying:
“Every.
Single.
Time.
This signal shows up $BTC goes vertical.”
Past instances provide compelling context.
Both the 2017 and 2020 golden crosses preceded surges exceeding 2,000 percent.
The last golden cross emerged in October 2024 when Bitcoin hovered around $65,000.
Within three months, BTC reached near $110,000.
Merlijn argues that the current setup mirrors those high‑impact events.
This newer cross was confirmed on May 22.
Since then, Bitcoin has gained roughly 12 percent.
Based on patterns from 2016’s more short-lived golden cross, some analysts say the run could continue to $155,000.
The pattern shown on a weekly chart indicates more upside ahead.
Cointelegraph previously observed Bitcoin’s first-ever weekly golden cross at the start of 2024.
That event marked the onset of the current bull run.
However, technical signals are only part of the story.
For a stronger breakout, Bitcoin needs to break above the $120,000 resistance zone.
According to trader and analyst Rekt Capital, a daily close above this range high could confirm the move.
He told X:
“Daily Close above ~$120k Range High resistance followed by a post-breakout retest would see Bitcoin confirm a breakout to new highs.”
In addition, as BTC consolidates, capital appears to be rotating into altcoins.
But renewed interest in altcoins often supports the broader crypto rally.
For now, the golden cross continues to draw attention.
If history is any guide, the BTC price may follow its steepest inclines yet.
All eyes are now on both the $120,000 breakout and how long the 50-day SMA stays above the 200-day.
MicroStrategy (MSTR), led by Bitcoin advocate Michael Saylor, closed at a record market capitalization on Wednesday, driven by investor confidence and Bitcoin’s steady performance near all-time highs.
“MSTR just closed at an all-time high market cap,” Saylor posted on X, formerly Twitter, celebrating the company’s latest financial milestone.
MSTR Surges Alongside Bitcoin’s Bullish Momentum
MicroStrategy’s stock has seen significant appreciation in recent weeks.
According to Google Finance, the company’s shares climbed 21.52% over the past month, ending Wednesday’s session at $455.90.
Bitcoin, which underpins the firm’s strategy, has also gained 10% over the past 30 days.
It peaked at $122,884 earlier in the week before pulling back slightly to $118,413 at the time of writing, according to Nansen data.
The close correlation between Bitcoin’s performance and MSTR’s stock has been a consistent feature of the company’s market behavior.
Options trader Sean Trades shared optimism about MicroStrategy’s trajectory, stating the stock is “gearing up for the next leg to all-time highs.”
Despite Record Cap, MSTR Shares Still Below Peak
Although MicroStrategy now boasts a record valuation, its stock price remains nearly 19% below its all-time high of $543, last achieved in November 2021.
To fuel its aggressive Bitcoin acquisition strategy, the firm continues to raise capital by issuing new stock.
That approach has enabled it to significantly expand its digital asset holdings.
On Monday, the firm disclosed in a filing with the U.S. Securities and Exchange Commission that it had purchased 4,225 more Bitcoin, investing $472.5 million.
S&P 500 Qualification and Future Outlook
MicroStrategy’s ongoing growth could position it for entry into the S&P 500.
Jeff Walton, vice president at Strive Funds Bitcoin Strategy, highlighted on Wednesday that this marks the 11th consecutive day that MicroStrategy has qualified for inclusion in the index.
In a May Financial Times documentary titled Michael Saylor’s $40 Billion Bitcoin Bet, Walton predicted that Strategy could become “the number one publicly traded equity in the entire market,” citing its anticipated financial strength from Bitcoin.
The company is scheduled to release its latest earnings report on August 5.
Despite posting net losses over the past three quarters, the firm remains committed to its crypto-centric growth model.
With Bitcoin hovering near peak levels and the company’s strategy gaining institutional recognition, MicroStrategy’s trajectory remains closely tied to crypto market dynamics.
Efforts to advance three major crypto-related bills in the U.S. House hit a roadblock on Tuesday, as internal disagreements among Republican lawmakers forced a pause on a key procedural vote.
At the heart of the dispute is a push by some members of the GOP to include a ban on central bank digital currencies (CBDCs) in the legislation.
House Speaker Mike Johnson said he is hopeful the House will attempt to pass a procedural vote on Wednesday.
“It’s a priority of the White House, the Senate and the House to do all of these crypto bills,” he stated, as reported by Politico.
Disagreements on Strategy and Bill Structure
The package includes the GENIUS Act, aimed at regulating stablecoins, along with the Anti-CBDC Surveillance Act, and the CLARITY Act, which proposes a new market framework for crypto assets.
Some Republicans have argued that the bills should be bundled into one, but Speaker Johnson pushed back, warning the Senate would not approve such a move.
“We have to do them in succession,” Johnson reportedly said.
This legislative push is part of the Republican-led “Crypto Week,” intended to pass meaningful crypto regulation before Congress adjourns for a month-long break in August.
In response, Democrats have dubbed the effort “anti-crypto corruption week” to express their opposition.
CBDC Concerns Drive Republican Resistance
Tensions escalated on Tuesday when 13 Republicans, including House Majority Leader Steve Scalise, voted against considering the bills.
Among those dissenting were lawmakers such as Marjorie Taylor Greene, Andy Biggs, and Victoria Spartz.
Several lawmakers took to X to clarify that they weren’t opposed to crypto regulations in general, but refused to support the GENIUS Act without an explicit CBDC ban.
“I just voted NO on the Rule for the GENIUS Act because it does not include a ban on central bank digital currency and because Speaker Johnson did not allow us to submit amendments,” Greene said.
Biggs echoed the sentiment, warning that the current version of the bill could allow for a layered CBDC and lacked guarantees for self-custody.
“House Leadership must allow an open amendment process so Members can freely debate and improve the bill,” he added.
Past and Future of the GENIUS Act
The GENIUS Act had previously failed its first Senate vote in May due to Democratic concerns about Donald Trump’s involvement in crypto.
It eventually passed in June with bipartisan support.
Custodia Bank CEO Caitlin Long urged calm after Tuesday’s delay, noting that the Senate also required a second vote to move forward on the GENIUS Act.
“BEFORE Y’ALL FREAK OUT, don’t forget that the first procedural vote in the Senate on the GENIUS Act failed as well…the second one passed 11 days later,” she wrote on X.
Eleanor Terrett, host of the Crypto in America podcast, argued that the current bill already restricts the Federal Reserve from creating a retail CBDC.
Speaker Johnson Continues Talks
According to ABC News, Speaker Johnson is continuing discussions with Republican holdouts.
However, one of the main sticking points remains whether the three bills should be passed together or separately.
“They want to push that and merge them together,” Johnson said.
“We’re trying to work with the White House and with our Senate partners on this.”
The House is scheduled to reconvene on Wednesday to resume its legislative work.
Despite Bitcoin hitting new all-time highs last week, retail investors have been notably absent from the action, according to market analysts.
Meanwhile, institutional interest has surged, particularly in the form of spot Bitcoin ETFs, which saw more than $1 billion in inflows on both Thursday and Friday — a back-to-back milestone never previously achieved.
Institutional Surge Behind Latest Price Move
Bitwise head of research André Dragosch observed in a Friday post that although Bitcoin is soaring, mainstream interest has yet to catch up.
“Bitcoin is at new all-time highs but retail is almost nowhere to be found,” he wrote, referencing data showing weak Google search trends for the term “Bitcoin.”
This suggests the current rally is primarily fueled by institutions, not individual investors.
Search Trends Fail to Reflect Price Surge
Google Trends data supports this narrative.
Between June 29–July 5 and July 6–12, global searches for “Bitcoin” increased by just 8%, even as Bitcoin’s price broke past its previous all-time high of $111,970 and continued climbing to $118,780 by Friday.
This subdued retail interest contrasts sharply with the surge seen in November 2024, when search interest peaked following Donald Trump’s election win.
At that time, retail engagement helped propel Bitcoin past the $100,000 mark for the first time.
Retail Sentiment: “Missed the Boat”
Some crypto commentators believe that retail investors are sitting out because they feel priced out of the market.
“I think a lot of retail folks find out the price of one Bitcoin is 117k and think, nahhh I missed the boat and don’t even give it a second thought,” said Bitcoin analyst Lindsay Stamp.
Cedric Youngelman, host of the Bitcoin Matrix podcast, shared a similar sentiment, asking his followers, “At what Bitcoin price do you think retail wakes up? I’ll go first. I don’t think they’re coming for a long time.”
Analysts Say Rally Still Has Momentum
Despite low retail participation, market experts believe the current rally has more room to run.
Bitcoin on-chain analyst Willy Woo commented, “This run has plenty of legs left in it.”
The continued interest from institutional players suggests that Bitcoin’s momentum is far from over.
Spot ETFs Remain the Main Driver
Spot Bitcoin ETFs had an exceptionally strong week, pulling in a total of $2.72 billion over five trading days, according to Farside data.
This wave of capital suggests institutional demand remains robust.
However, the trend has raised questions about how to measure actual retail interest in the current market landscape.
Cointelegraph recently noted that if the ultimate holders of Bitcoin ETF shares are retail investors, then interpreting on-chain data could become more complex.
Conclusion
While Bitcoin continues to scale new heights, the retail crowd appears hesitant to reenter the market.
Whether due to price anxiety or market fatigue, their absence is notable — especially in contrast to the flood of institutional capital pouring into ETFs.
As the rally unfolds, attention now turns to whether retail investors will follow — or continue to watch from the sidelines.
A Chinese creditor has filed an objection to a motion by the FTX estate that seeks to halt distributions to creditors in countries with restrictive or unclear cryptocurrency regulations.
The objection, submitted to a U.S. bankruptcy court on Tuesday, comes from Weiwei Ji, a Chinese passport holder currently living in Singapore.
Ji stated that despite their current residence, they’ve been classified as a Chinese creditor due to their nationality.
According to the filing, Ji represents a group of more than 300 Chinese creditors with substantial claims.
FTX Repayment Restrictions Under Fire
FTX’s motion, filed on July 2 in the U.S. Bankruptcy Court in Delaware, seeks to temporarily halt repayments to creditors in 49 jurisdictions.
These include countries like China, Russia, Zimbabwe, and Moldova, where laws around cryptocurrency are either ambiguous or restrictive.
The estate argues that making payments to residents in these areas could potentially result in criminal penalties, financial fines, or personal liability for those administering the repayments.
Moldova, in particular, was cited as a risk example, where even auxiliary services involving virtual assets are deemed criminal offenses.
Claimants Argue Distribution Should Proceed
In the objection, Ji argued that digital assets are considered personal property in China, and U.S. dollar settlements are a recognized legal form of payment.
This, Ji claims, nullifies the rationale for withholding distributions.
“My family holds four KYC-verified accounts with aggregate claims exceeding $15 million USD,” Ji wrote.
“We have fully complied with every procedural requirement under the Plan. The proposed motion now jeopardizes our right to distribution in an arbitrary and inequitable manner.”
Wider Implications for Creditors Worldwide
The motion estimates that around 5% of the total value of approved claims belongs to residents in restricted regions.
The estate’s filing seeks to mitigate potential legal complications arising from international payouts.
However, creditors like Ji argue that the motion imposes unfair barriers and contradicts the spirit of the agreed-upon bankruptcy plan.
The objection brings attention to the complexities of cross-border bankruptcy proceedings involving digital assets.
FTX Repayments Already Underway
FTX began issuing repayments on February 18, prioritizing convenience class claimants.
These initial payments are based on the value of digital assets at the time of the company’s collapse in November 2022—a decision that has been criticized by some creditors.
While the estate continues to navigate legal and logistical hurdles, the backlash from international creditors could pose new challenges in the already controversial repayment process.
Bitcoin made an ambitious push toward the $110,000 mark on July 9, but selling pressure halted its advance just short of the milestone.
BTC/USD peaked at $109,777 on Bitstamp before reversing, according to data from Cointelegraph Markets Pro and TradingView.
The price remains constrained within a tight range, with liquidity clustering at key levels.
Order book data from CoinGlass indicated strong buying interest around $108,500 and heavy sell pressure near $110,500, which appears to be capping further gains for now.
Traders Signal Caution as Liquidity Concentrates
Despite the temporary pullback, many market participants are optimistic that Bitcoin may be preparing for another rally.
Trader Jelle noted the heavy liquidity above $110,000 and suggested a successful breakout could quickly push the price much higher.
“Almost all liquidity is to the upside. Stops above $110k are not safe,” he commented on X, forecasting a possible move to $130,000 if the resistance is broken.
Analyst BitBull highlighted technical indicators that might support this bullish scenario.
He pointed to a potential inverse head and shoulders pattern on the 3-day RSI and price charts.
“For breakout, we need one of these 2 things. Either a 3D close above $110K or a 3D RSI close above 70. After that, we’ll experience an up-only rally for 3-4 weeks,” he explained.
Volatility Expected as Macro Factors Weigh on Sentiment
Beyond technicals, broader macroeconomic factors are also expected to influence Bitcoin’s short-term trajectory.
QCP Capital, in its latest bulletin to Telegram subscribers, said the upcoming U.S. Consumer Price Index (CPI) report could introduce volatility in the crypto and equities markets.
The firm emphasized that recent strong jobs data had already cooled optimism around near-term interest rate cuts by the Federal Reserve.
“Markets have scaled back expectations to two cuts in 2025, down from 2.5 previously. A July cut is all but priced out. September odds have slipped from 90% to 70%,” the bulletin noted.
This shift in expectations has placed additional focus on upcoming economic data releases.
Despite these uncertainties, QCP described Bitcoin as “well bid,” supported by institutional inflows and a weakening U.S. dollar.
“With a reignited trade war, a more hawkish Fed, and tightening liquidity conditions, the stage is set for elevated volatility,” the firm added.
“Macro catalysts are lining up. Buckle up,” QCP concluded.
Outlook Hinges on Breaking $110K
While BTC has so far failed to close above $110,000 since June 11, traders remain alert for a breakout that could mark the beginning of a stronger bullish trend.
The presence of sell-side liquidity above the current level continues to pose a challenge, but the alignment of technical signals and macroeconomic catalysts may offer enough fuel for Bitcoin to attempt another leg higher.
Until then, investors appear to be watching liquidity zones and upcoming inflation data closely for signs of the next major move.
Cryptocurrency investment vehicles continued to attract significant capital last week, even as the broader market faced price swings.
CoinShares reported $1.04 billion in inflows into crypto exchange-traded products (ETPs) for the week ending Friday.
Bitcoin Still Dominates, But Interest in Ether Grows
Bitcoin-related ETPs led the inflows, attracting $790 million, which represents 76% of the weekly total.
While this is a strong showing, it marks a slowdown from the previous three weeks, where average weekly inflows hit $1.5 billion.
CoinShares’ James Butterfill noted the decline may indicate investor caution as Bitcoin approaches its all-time high.
Ethereum-related products also saw sustained interest, with $225 million in inflows.
That makes it 11 consecutive weeks of gains for Ether ETPs.
Butterfill highlighted that weekly inflows during this run averaged 1.6% of AUM—twice the rate of Bitcoin’s 0.8%—suggesting a shift in investor sentiment.
BlackRock and the U.S. Lead the Charge
BlackRock was the top issuer last week, attracting $436 million in new funds, or 42% of the total inflows.
Regionally, the U.S. led with $1 billion in inflows, followed by Germany and Switzerland with $38.5 million and $33.7 million, respectively.
Crypto analyst Rekt Capital believes Bitcoin’s current bull market could be nearing its end, predicting that a price peak may come as early as October.
“We have a very small sliver of time and price expansion left,” Rekt Capital said on Thursday, comparing the current cycle to the 2020 rally.
According to his analysis, the cycle may top out roughly 550 days after the April 2024 Bitcoin halving.
“That’s already two to three months potentially that we have left in this bull market,” he added.
Debate Over Halving Cycle Relevance
While Rekt Capital emphasizes the importance of sticking to time-tested halving models, others are more skeptical.
He criticized the growing trend of abandoning the halving narrative in favor of newer metrics like Bitcoin’s correlation with global M2 money supply.
“Many people are happy to throw away time-tested principles… whereas it’s really important to rely on these sorts of metrics,” he said.
He also called the shift an emotional move that clouds sound judgment.
Alternative Views Highlight Institutional Impact
Some analysts argue that traditional halving cycles are less relevant today due to rising institutional interest.
Standard Chartered’s Geoff Kendrick said on Thursday that, “Thanks to increased investor flows, we believe BTC has moved beyond the previous dynamic whereby prices fell 18 months after a ‘halving’ cycle.”
In May, Standard Chartered forecast Bitcoin reaching $200,000 by year-end, while Bernstein made a similar prediction.
BitMEX co-founder Arthur Hayes remains even more bullish, expecting Bitcoin to hit $250,000.
As of now, Bitcoin is trading at $109,155, just 2.5% below its all-time high of $111,970.
Crypto analyst Crypto Auris also commented recently that, “As global money supply expands, Bitcoin’s next target sits around ~$170K, following the flow.”
Analyst Emphasizes Caution Over Hype
Despite the bullish sentiment from others, Rekt Capital cautions against ignoring the halving-based cycle.
“It’s an emotional thing as well, and you don’t want emotional things clouding your judgement,” he reiterated.