Bitcoin remains range-bound but firm, trading just above $108,700, up 0.5% in the last 24 hours. The world’s largest digital asset is buoyed by strong institutional demand and robust inflows into U.S.-listed ETFs. With a weaker dollar and dovish signals from U.S. policymakers following softer-than-expected CPI data, analysts see room for a breakout toward higher resistance levels.
Ethereum (ETH) climbed 3% to around $2,627, outperforming broader market gains.
The global crypto market cap now stands at $3.36 trillion, up 0.85% on the day.
ETF Watch: Flows Remain Strong Across Major Products
· Spot Bitcoin ETFs saw net inflows of $75.3 million on July 8.
· Spot Ether ETFs recorded $29.5 million in net inflows.
· The Staked Solana ETF added $21 million, signaling growing investor interest in yield-bearing crypto assets.
Donald Trump’s Truth Social filed for a “Crypto Blue Chip” ETF, featuring Bitcoin, Ethereum, Solana, XRP, and Cronos. As a result, Cronos (CRO) surged 19% to $0.095.
Cboe Global Markets expanded its digital asset ETF lineup by listing three new Bitcoin funds from Calamos Investments.
Meanwhile, ProShares’ XRP ETF, listed under the ticker UXRP on the DTCC, is generating buzz as traders anticipate an imminent launch.
Market Movers & Institutional Activity
· XRP leads trading on South Korea’s Upbit with $1.22B in volume, representing 22% of total exchange activity. XRP is up 2.72% to $2.33.
· DeFi Development Corp. boosted its Solana (SOL) holdings by 47,272 SOL, now holding 690,420 SOL worth $102.7M, a 64.1% increase over two months.
· Phantom partnered with Hyperliquid to introduce in-wallet leveraged trading, covering over 100 markets. HYPE rose 4% to $39.36.
Altcoin Highlights
· AAVE jumped 6% to $299, its highest in three weeks, amid renewed interest in DeFi lending platforms.
· Polygon’s POL (formerly MATIC) surged 8% to $0.20, driven by heavy institutional volume.
· HBAR gained 4% to $0.1627 and is up 11% over the past week following its addition to the Grayscale Smart Contract Platform Fund.
· Peanut the Squirrel (PNUT), a Solana-based meme coin, rallied 6% after a viral Elon Musk post spotlighted the project.
· FLOKI exploded 9% on massive volume, with 274.1 billion tokens traded, nearly 5x its daily average.
Outlook: Is Bitcoin Poised for a Summer Breakout?
Bitcoin is riding a renewed wave of bullish sentiment after June CPI data rose just 0.1%, below the 0.2% forecast. Traders now price in a 70% chance of two Fed rate cuts by September, fueling optimism across risk assets.
With BTC trading near $109K, analysts like Matt Mena of 21Shares see potential for a summer breakout to $138.5K, with $200K by year-end no longer out of the question. As concerns over the $21.9 trillion M2 money supply and rising debt levels grow, Bitcoin’s narrative as a hedge asset is gaining fresh momentum.
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