Bitcoin ETF Ends Eight Weeks of Net Outflows as BTC Drops to $63,000

On July 13, Bitcoin fell over 1% since midnight UTC due to mutual airstrikes between the U.S. and Iran, raising risk aversion. It briefly dropped to around $63,000. Meanwhile, Brent crude futures rose more than 3%, nearing $79 per barrel, as market concerns about shipping disruptions in the Strait of Hormuz could drive up energy prices and inflation, thereby limiting the Federal Reserve's room for interest rate cuts and putting pressure on risk assets like cryptocurrencies. Taran Dhillon, head of digital assets at Kula, stated that the crypto market will face a tug-of-war this week between macroeconomic data and geopolitical tensions in the Middle East. The upcoming CPI and PPI data from the U.S. will influence market expectations for the Fed's interest rate path. However, the spot Bitcoin ETF and Ethereum ETF have ended eight consecutive weeks of net outflows, indicating a rebound in institutional demand. The ongoing advancement of the CLARITY Act is also expected to further improve regulatory expectations for digital assets, providing support for the market.