Bitcoin Pulls Back From Rally — Market Talk

Bitcoin is down 1.2% to $65,613, after climbing over $66,000 for the first time since early June yesterday. Inflows continue to be seen for bitcoin ETFs, according to data from CoinGlass — with $203.2 million in inflows in those ETFs yesterday. That makes it six straight days that bitcoin ETFs have seen net inflows, which is encouraging after weeks of net outflows. But the amount of money that's come back to ETFs isn't meaningfully changing the fundamental outlook for bitcoin, says Li Xing of Exness in a note. "The recovery remains modest in a broader context, with July's inflows still well below the combined $6.9 billion of net outflows recorded during May and June," says Xing. ([email protected])