Blackrock Ibit

BTC/USD advanced as risk appetite improved, spot Bitcoin ETF inflows recovered, and crude oil prices eased. Technical traders are watching whether Bitcoin can clear resistance near the upper side of a descending channel or slip back toward last week’s low.

Investors sought liquidity from both U.S.-listed spot bitcoin ETFs and private credit funds in the second quarter, underscoring a broader defensive turn across risk assets. Private credit redemption requests reached $15.6 billion, while spot bitcoin ETF outflows neared $5 billion as BTC logged another quarterly decline.

Bitcoin’s July recovery is facing scrutiny after a six-day winning streak gave way to renewed pressure. Weak U.S. demand signals, spot ETF outflows and rising global bond yields are keeping traders cautious despite a more constructive seasonal backdrop.

U.S.-listed bitcoin ETFs recorded $221.7 million in net inflows on Thursday, ending a bruising 10-day run of withdrawals. Fidelity’s FBTC led the rebound even as BlackRock’s IBIT posted an outflow.