Bitcoin tops $65,000 as $181 million ETF inflows end slump

Bitcoin rose above $65,000 for the first time in three weeks, after US spot ETFs pulled in $181 million on July 14 and ended a nine-week outflow run.

The inflows reversed a streak that had drained $6.9 billion from the products since early May, according to CoinDesk data. BlackRock's IBIT fund led the buying with $80.82 million on July 15, while total weekly inflows reached $197 million.

The catalyst was softer US inflation data. CPI slowed to 3.5% in June, and the Producer Price Index unexpectedly fell 0.3%, reducing expectations of further Federal Reserve tightening. Bitcoin futures open interest rose to $49.7 billion as of July 16, according to Coinglass, while funding rates turned positive across major exchanges.

Bitcoin now faces resistance at $65,000, with a sustained breakout opening a path toward $67,000 and then $68,000. Support sits at $64,000, with a stronger floor near $57,511. The CLARITY Act, a key piece of US crypto regulation, is expected to reach a Senate vote during the week of July 20.

ETF flows and the macro trigger

The ETF reversal marks a turning point after the worst month on record for the products. May saw $2.43 billion in outflows and June lost $4.5 billion, according to CoinDesk. The return of inflows — even at a modest $197 million weekly pace — suggests institutional capital is stepping back in despite lingering macro uncertainty.

Bitcoin's market cap stands at $1.25 trillion, with dominance at 58.3%, according to CoinGecko. The Fear and Greed Index remains at 22, in Extreme Fear territory, indicating the breakout has not yet drawn broad retail participation.

What comes next

The sustainability of the rally depends on whether ETF inflows hold through the week. The House Financial Services Committee will hold a hearing on July 17, and Senator Cynthia Lummis confirmed the CLARITY Act is expected for a Senate vote the week of July 20. On the macro side, any escalation in US-Iran tensions — which pushed Brent crude above $85 — could reignite inflation concerns and pressure risk assets.

For long-term holders, the on-chain picture is clearer. Wallets holding 10,000 to 100,000 BTC control about 2.26 million coins, according to Glassnode, and exchange reserves continue to decline. The supply dynamics support the case that the $65,000 breakout, if it holds, could mark the start of a sustained recovery rather than a dead-cat bounce.

This article is for informational purposes only and does not constitute investment advice.