Bitcoin nears $63,000 after $224 million spot ETF inflows boost
Crypto is showing signs of life again: Bitcoin climbed to nearly $63,000 after a six-day outflow streak, thanks to a big $224 million boost from spot ETF inflows.
Ethereum edged up too, trading around $1,770. Most major altcoins like BNB and Solana joined the rally with gains up to 3.57%, though Cardano slipped by almost 2%.
The overall crypto market cap nudged higher to $2.18 trillion as market sentiment improved a little, even with some big economic events looming on July 8.
US holiday trading exaggerated price swings
Analysts say thin trading over the US holiday weekend made price swings look bigger than usual.
Akshat Siddhant from Mudrex pointed out that Bitcoin's realized profit-and-loss ratio hit its lowest point in over three years, a level that often signals a market bottom.
Meanwhile, Ethereum outperformed Bitcoin this week with a solid 12% gain, hinting at stronger momentum for altcoins as oil prices drop and traders cover their shorts.