US Spot Bitcoin ETFs Snap Losing Streak as Crypto Market Sees Recovery

The crypto market showed signs of recovery on Friday, July 3, as US spot Bitcoin ETFs snapped their 10-day losing streak. The funds saw a total net inflow of $221.7 million, marking their largest daily haul in about two months.

Bitcoin's price rose by 0.8% to $62,149.53 over the past 24 hours, while Ether increased by 2.3% to $1,743.33. The gains were attributed to comments from US Federal Reserve Chair Kevin Warsh and a shift in tone from Fed officials, which eased investor fears about future rate hikes.

Simon-Peter Massabni, head of business development at XS.com, noted that Bitcoin's recent slide was due to tighter liquidity, weakening institutional demand, and rising geopolitical risks. However, he also mentioned the potential for a recovery driven by institutional capital flows and macro fundamentals.