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Bitcoin Tops $64,000 on Strong ETF Inflows and Geopolitical Hopes

Strong inflows into U.S. Bitcoin ETFs and hopes for geopolitical easing are pushing the price higher. Here’s what that could mean for market sentiment.

By Luc Vesters
• 1 min read
Bitcoin Tops $64,000 on Strong ETF Inflows and Geopolitical Hopes

Key Takeaways

  • Bitcoin broke above $64,000 on Saturday and hit an intraday high of more than $64,200, more than 8% above its early June low.
  • U.S. spot Bitcoin ETFs saw a net inflow of $85.9 million on Friday, the biggest since May 14.
  • Hopes for a peace deal in the Middle East boosted sentiment around risk assets like Bitcoin.

Bitcoin broke through the $64,000 mark on Saturday and reached an intraday high of more than $64,200. That puts the biggest cryptocurrency by market cap up more than 1% over the past 24 hours and more than 8% above its early June low of around $59,000.

Strong ETF Inflows and Market Moves

On Friday, the biggest daily inflow into U.S. spot Bitcoin ETFs since May 14 was recorded, with net inflows of $85.9 million. This jump in capital flowing into Bitcoin ETFs points to renewed interest from institutional investors and could help support the recent price move. An analyst at Standard Chartered noted that some ETF holders had previously sold positions to free up capital for the SpaceX IPO. Now that this IPO has happened, selling pressure on Bitcoin could ease. That lines up with the broader discussion about how the IPO could affect crypto markets, as also outlined in the analysis of the SpaceX IPO.

Positive Geopolitical Developments

Along with the financial tailwinds, Bitcoin sentiment has also been lifted by hopeful signals from the Middle East. The Pakistani prime minister said that a peace deal is closer than ever, with an electronic signing expected within 24 hours and follow-up talks planned. Geopolitical improvements like these can support confidence in riskier assets like Bitcoin.

Why This Matters for European Investors

For European crypto investors, the combination of strong ETF inflows and geopolitical stability could be a sign of a potentially better market backdrop. Bitcoin’s recent gains, driven in part by institutional interest in the U.S., could also affect European markets and strengthen confidence in digital assets, although volatility is still a factor.

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