Bloomberg senior ETF analyst Eric Balchunas said Bitcoin has gained about 8% since the 250th anniversary of U.S. Independence Day, outperforming most assets over that span. He also pointed to a pickup in spot Bitcoin ETF flows, with roughly $750 million in net inflows over the past week.
Even so, Balchunas said he is not ready to fully trust that the current advance has turned into a durable uptrend. In his view, a rebound after Bitcoin’s earlier pullback is not surprising, but the next move still needs to be watched.
He added that early Bitcoin holders have been selling for the past nine months, which has weighed on price. If that selling pressure eases, Bitcoin could rebound further. His comments frame the latest move as a potential recovery signal rather than a confirmed trend shift.
Bloomberg senior ETF analyst Eric Balchunas said on July 22 that Bitcoin has risen about 8% since the 250th anniversary of U.S. Independence Day, outperforming most assets.
He also said spot Bitcoin ETF flows have started to recover, with about $750 million in net inflows over the past week.
Balchunas said he still cannot fully trust that the latest rise has developed into a stable trend. At the same time, he said a rebound after Bitcoin’s earlier pullback would not be surprising, and that the next phase of price action still needs to be observed.
According to Balchunas, early Bitcoin holders have been selling over the past nine months, which has kept pressure on the price. If those holders stop selling, Bitcoin could rebound.
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