Crypto Market Update: US Spot Bitcoin ETFs Snap 10 Day Losing Streak

Bitcoin price update

Bitcoin (BTC) was priced at US$62,149.53, up by 0.8 percent over the past 24 hours.

Bitcoin finished the quarter 14 percent lower, but comments regarding inflation risks from US Federal Reserve Chair Kevin Warsh at Sintra on Wednesday (July 1) triggered a bounce in both Bitcoin and gold midweek.

In an analysis sent to the Investing News Network, Simon-Peter Massabni, head of business development at XS.com, said that Bitcoin's recent slide reflects a broader repricing of risk assets driven by tighter liquidity, weakening institutional demand and rising geopolitical risks, rather than the end of its long-term bull cycle.

The short-term outlook remains cautious, but a potential end-of-quarter portfolio rebalancing, combined with stabilizing exchange-traded fund (ETF) flows and clearer Fed policy signals, could mark the start of a recovery, with the next trend determined more by institutional capital flows and macro fundamentals than by technical levels.

This view was strengthened by Bitfinex Alpha’s observation that the selling is primarily crypto-native, with persistent net outflows from ETFs and treasury firms, and an options market that suggests traders expect volatility to continue.

As long as institutional sellers do not pause and prices stay above the key realized-cost zone between US$53,000 and US$54,000, Bitcoin is more likely to drift down in a slow, steady manner rather than crash.

Ether (ETH) was priced at US$1,743.33, trading 2.3 percent higher over the last 24 hours.

According to Massabni, Ether's rebound is mainly a short-term corrective move driven by technical bottom fishing, constrained by a weak macro backdrop and persistent negative spot Ethereum ETF flows, which have recently seen seven consecutive weeks of net outflows totaling around US$1.18 billion.

ETH needs to reclaim key resistance levels alongside more stable ETF flows and improved risk appetite to aim toward US$1,700 to US$1,800; otherwise, it risks retesting or breaking below US$1,500 and extending the downtrend.

Altcoin price update

• XRP (XRP) was priced at US$1.13, trading 3.7 percent higher over the past 24 hours.

• Solana (SOL) was trading at US$82.45, trading 1/4 percent higher over the past 24 hours.

Today's crypto news to know

Here's a breakdown of today’s biggest news in the crypto and blockchain markets, including:

• US spot Bitcoin ETFs break 10 day outflow streak
• Bank of Russia to launch digital ruble by September
• Binance issues delisting warnings for four major tokens
• Plaid explores US IPO at US$8 billion valuation
• Securitize lists on NYSE and tokenizes its own stock on debut
• Webull Canada to begin offering crypto trading
• Robinhood launches Robinhood Chain
• OUSD stablecoin launches, firms dispute inclusion

US spot Bitcoin ETFs break 10 day outflow streak

US spot Bitcoin ETFs returned to positive net inflows, snapping a dismal 10 day losing streak that had previously drained roughly US$2.7 billion from the funds. Collectively, the products pulled in a total of US$221.7 million, marking their largest daily haul in about two months, according to data by SoSoValue.

The Fidelity Advantage Bitcoin ETF (TSX:FBTC) led the reversal with a US$166 million intake, followed closely by ARK 21Shares Bitcoin ETF (BATS:ARKB) at US$91.8 million and VanEck Bitcoin (BATS:HODL) at US$4.4 million.

BlackRock's iShares Bitcoin Trust ETF (NASDAQ:IBIT) was the lone detractor from the positive trend, shedding US$40.4 million to extend a losing streak that dates back to mid-June.

The sudden market turnaround follows a miserable June performance, which stood as the worst month on record for US spot Bitcoin ETFs after bleeding approximately US$4.5 billion.

One of the catalysts for the reversal was attributed to a US labor report by the Bureau of Labor showing just 57,000 nonfarm payrolls added in June alongside a shifting tone from Fed officials, which collectively eased investor fears regarding aggressive future rate hikes.

Bank of Russia to launch digital ruble by September

The Bank of Russia announced it has finalized its technical preparations for the nationwide rollout of the digital ruble ahead of a mandated September 1 deadline.

Bank of Russia Governor Elvira Nabiullina confirmed in an announcement that systemically important banks and large commercial retailers are required to integrate the new payment rail to accept the central bank digital currency.

The upcoming commercial deployment marks the culmination of a three year legislative push that began when President Vladimir Putin originally signed the digital ruble framework into law.

Alongside the basic currency infrastructure, the central bank is actively exploring the deployment of smart contracts for business applications and piloting digital wallets directly on commercial bank balance sheets.

To incentivize corporate adoption, the Central Bank plans to pay participating commercial financial institutions a small processing commission of 0.67 rubles for each completed payment.

Binance issues delisting warnings for four major tokens

Global crypto exchange Binance triggered an aggressive market selloff after adding four prominent altcoins to its internal "monitoring tag" list, a formal designation indicating an elevated risk of upcoming platform delistings.

Anchored Coins AEUR, Vulcan Forged PYR, Secret and Vanar Chain were added to the list after the platform determined the projects no longer fully satisfy its strict listing criteria.

Under the mechanics of the Monitoring Tag system, active trading remains temporarily enabled on the exchange, but users are legally required to pass a mandatory risk acknowledgment quiz every 90 days and accept updated terms of use to retain Spot and Margin platform access. The exchange evaluates projects across multiple performance indicators, including ongoing developer commitment, market liquidity, regulatory compliance and community engagement, with failure to improve resulting in permanent removal from the exchange.

Following the announcement, both PYR and SCRT plunged 11 percent within a matter of hours as panicking retail investors fled their positions. Conversely, VANRY managing a modest 1 percent gain and the euro-pegged AEUR stablecoin absorbing the announcement with virtually no disruption to its steady US$1.12 valuation.

Plaid explores US IPO at US$8 billion valuation

Finance app Plaid, an infrastructure company that helps apps connect to users’ bank accounts, is reportedly considering an initial public offering (IPO), according to people familiar with the matter.

Earlier this year, Plaid secured funding at a US$8 billion valuation.

Securitize lists on NYSE and tokenizes its own stock on debut

Securitize (NYSE:SECZ), which made its debut on the New York Stock Exchange on Thursday (July 2), also became the first newly public company to tokenize its own common stock.

The company made tokenized shares available to eligible US investors on Avalanche and Solana, with the tokens representing the same NYSE-listed common stock, not a separate share class. In pre-market trading, Securitize briefly fell below its IPO price, but once regular trading started, shares rose about 3 percent.

Webull Canada to begin offering crypto trading

Webull Canada, a subsidiary of Webull (NASDAQ:BULL), received regulatory approval from the Canadian Investment Regulatory Organization and will begin offering cryptocurrency trading to Canadian investors via the Webull app.

Supported digital assets include Bitcoin, Ether, Solana, XRP, Cardano and Litecoin, to name a few.

Trading will take place 24/7 in real time, with a “low and transparent pricing structure.” Initial beta access for select clients will begin soon, with a broader rollout in the coming weeks.

CEO Michael Constantino said the approval reflects Webull Canada’s commitment to giving Canadians “credible access to digital assets” and another way to diversify portfolios.

Robinhood launches Robinhood Chain

Robinhood (NASDAQ:HOOD) launched its Arbitrum-based blockchain, Robinhood Chain, during a keynote event in London this week, introducing stock tokens that let users trade tokenized versions of equities onchain.

It also adds a lending product powered by Morpho, a decentralized money market protocol. Agentic crypto trading is included, meaning automated or artificial intelligence trading strategies can operate on the chain.

Robinhood has confirmed plans to expand its services in Canada, Singapore and the UK.

OUSD stablecoin launches, firms dispute inclusion

A consortium called Open Standard announced a new dollar stablecoin, Open USD (OUSD), backed by a coalition of more than 140 companies, including BlackRock (NYSE:BLK), Visa (NYSE:V), Mastercard (NYSE:MA), Coinbase Global (NASDAQ:COIN), Stripe and Google (NASDAQ:GOOGL). Open Standard says OUSD will launch later this year and return most reserve revenue to network participants, aiming to compete with Tether and Circle.

However, several major firms in Asia, including Samsung Electronics (KRX:005930), Shinhan Financial Group (NYSE:SHG) and Dunamu, have said they did not engage in consultations and learned of their inclusion through news reports. Some said their names were listed as confirmed partners after they had indicated they would review participation.