Deniz 
Over the weekend, Bitcoin accelerated, breaking above the $68,000 resistance line on Sunday night EST. Rising to $68,480 earlier today, the token is up 0.92% in the past 24 hours, trading at $67,599. The wider cryptocurrency market also grew 0.89% yesterday; Solana showed a more noteworthy increase of 4.73%, trading at $182.12 at the time of writing.
BTC Markets crypto analyst Rachael Lucas stated, “The significant inflows into bitcoin ETFs are one of the main sources of this momentum.” Friday marked the eleventh consecutive day of positive flows for U.S. bitcoin exchange-traded funds, with BlackRock’s IBIT collecting around $19 billion in net inflows since inception, according to SoSoValue statistics.
Reflecting increased institutional interest in bitcoin as an asset class and confidence in the cryptocurrency, the market has seen record net inflows, topping $17 billion overall.
Ethereum ETFs Expected on July 23
According to Cboe, the market also expects the first batch of spot Ethereum ETFs launched in the United States to arrive on Tuesday, July 23. The list of funds revealed by the exchange includes the Fidelity Ethereum Fund, Franklin Ethereum ETF, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and 21Shares Core Ethereum ETF.
Institutional Interest Boosts Bitcoin
U.S. President Joe Biden’s declaration that he will not be running in the forthcoming presidential contest in November also seems to influence bitcoin’s rise, increasing the chances of pro-crypto Republican contender Donald Trump’s triumph. Biden supported Vice President Kamala Harris to take his position as the Democratic Party contender; however, Harris has not stated opinions on the crypto sector, either pro or against.
Furthermore, influencing bitcoin’s price movement was the tiredness of big sellers, mainly the German government’s recent 50,000 BTC sale. “The completion of these sales, generating around $2.87 billion, has removed a significant chunk of bitcoin from the market, lowering selling pressure,” added Lucas.
Lucas clarified, however, that the market might still be influenced by the outstanding repayments from the closed Mt. Gox bitcoin exchange. Though most of the estimated $9 billion in creditor repayments are likely to be handled by early August, market dynamics could still have temporary fluctuations, Lucas noted.
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