Recent data shows that crypto funds recorded a record inflow of $1.24 billion over the week, bolstering optimistic sentiment among investors.
Overview of Crypto Fund Inflows
According to CoinShares, crypto funds saw $1.24 billion in inflows, marking the tenth consecutive week of positive trends. Year-to-date inflows have reached a record of $15.1 billion. However, the Juneteenth holiday and tensions surrounding the Iran conflict impacted inflow data.
Optimism Among Experts and Institutional Investors
Many crypto experts, including BitMEX co-founder Arthur Hayes and Galaxy Digital CEO Mike Novogratz, maintain an optimistic outlook on the market. Hayes noted that the Bitcoin price dip below $99,000 and its subsequent recovery above $100,000 indicates investor confidence. Novogratz suggested that concerns regarding geopolitical tensions may ease in the near future. Changpeng 'CZ' Zhao also reminded the community that prices usually dip before reaching new all-time highs.
Bitcoin Price Dynamics and Geopolitical Influence
The price of Bitcoin briefly dipped 6%, reaching a low of $98,200, marking its lowest point since breaching the $100,000 psychological level. This drop was triggered by threats from Iran to shut down the Strait of Hormuz, which could significantly impact global oil flows. QCP Capital explained that Bitcoin's recovery above $100,000 suggests that the sell-off was macro-driven and highlighted investor tendencies to turn to crypto as a hedge.
Recent influx data into crypto funds and expert opinions indicate a persistent optimistic sentiment in the market, suggesting a potential price recovery for cryptocurrencies in the coming weeks.
