The IBIT Bitcoin ETF from BlackRock saw a major reversal last week, recording $292 million in net inflows. This marks the fund's first positive week after eight consecutive weeks of outflows.
As of July 11, the ETF has accumulated $60.286 billion in net inflows since its 2024 launch. The move indicates renewed institutional interest in Bitcoin at its current price levels near $70,000.
Market sentiment reflects strong confidence in Bitcoin's near-term stability. Pricing data shows a 99.9% confidence that Bitcoin will remain above $58,000 on July 12. However, confidence diminishes significantly for price points above $68,000.