### **Bitcoin Bulls Back? Post-ETF Market Update (July 2024)**
#### **🚀 Signs of a Bullish Revival**
1. **ETF Inflows Surge**
- **U.S. Spot Bitcoin ETFs** (like BlackRock's **IBIT**, Fidelity's **FBTC**) have seen **$1B+ net inflows** in recent weeks after a slowdown.
- Total **ETF holdings: ~850K+ BTC** (~4.3% of supply).
2. **Price Action Turning Green**
- BTC broke **$60K resistance**, now hovering **$62K–$65K** (up ~15% from June lows).
- Key levels to watch: **$68K (all-time high breakout)** → **$70K+ psychological target**.
3. **Whale & Institutional Accumulation**
- Large wallets (>1K BTC) growing, miners holding more post-halving.
- MicroStrategy (**MSTR**) added **another 11,931 BTC** (now holds **226,331 BTC**).
4. **Macro Factors Helping**
- Fed rate cut expectations (Sept 2024) → weak USD → bullish for BTC.
- Global adoption: **Hong Kong ETFs**, El Salvador’s Bitcoin bonds gaining traction.
#### **⚠️ Risks & Challenges**
- **ETF Outflow Days** – Grayscale’s **GBTC** still sees occasional selling.
- **Mt. Gox Repayments** (~$9B BTC distribution) could bring short-term selling pressure.
- **Regulatory Uncertainty** – SEC vs. crypto (especially altcoins) remains a concern.
#### **📈 What’s Next?**
- If BTC holds **$60K+**, next targets: **$68K → $75K+**.
- **Altcoin season** could follow if BTC stabilizes.
**Verdict**: Bulls are **cautiously returning**, but volatility remains. ETF demand + macro trends are key drivers.
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