Bitcoin stayed above $62,000 in the last 24 hours, continuing its rebound from earlier in the week. It traded close to $62,500, up about 1.3% for the day and 3.6% for the week. The price moved within a tight range, briefly dropping to $61,500 before buyers pushed it up to a high near $62,800. This stability kept Bitcoin’s market cap near $1.25 trillion, and its share of the crypto market stayed steady. This suggests the recovery is spreading to other assets, not just Bitcoin.
Exchange-traded fund activity showed more signs of steady demand. On July 2, US spot Bitcoin ETFs saw about $220 million in net inflows, which helped offset some of the outflows from earlier in the quarter. However, these inflows were not spread evenly, showing a clear difference between major issuers.
- Most of the day’s net inflows came from Fidelity’s Bitcoin ETF products.
- BlackRock’s fund continued to see selling, as clients sold more than $40 million.
- During the same period, the total crypto market capitalization rose above $2.2 trillion.
Altcoins Join the Broader Rally
Ethereum stood out among major cryptocurrencies, trading around $1,754 after climbing more than 2% on the day and roughly 11% over the past week. That weekly gain outpaced Bitcoin’s by a wide margin, suggesting traders are rotating some capital toward Ethereum as risk appetite improves.
Hyperliquid’s HYPE token had the biggest short-term jump among large-cap alternatives, rising above $71 with a gain of more than 6% in 24 hours. Cardano also made strong gains during this time, while XRP, Stellar, Dogecoin, and Solana saw more moderate increases. This led to gains across the market, not just in a few assets.
A Balanced Market Recovery
Steady Bitcoin dominance, renewed ETF inflows, and strength in many altcoins all point to a recovery that does not rely on just one factor. Bitcoin’s ability to stay above $62,000, even with mixed ETF flows, shows that demand is still strong, even as some institutional clients adjust their positions.
For altcoins, EtherFor altcoins, Ethereum’s large weekly gain and HYPE’s strong daily move show that traders are ready to take on more risk beyond just Bitcoin. Whether this balance continues will likely depend on ETF inflows staying steady and Bitcoin holding above $62,000 as we move into next week.
Sources & Methodology
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