Bitcoin closed Tuesday at $66,420, holding above the $66,000 mark for the first time since early April as spot ETF inflows resumed and open interest on CME bitcoin futures hit a two-month high.
The move caps a remarkable recovery from the May 12 low of $55,800 triggered by Trump’s 60% China tariff announcement. Since then, BTC has rallied 19%, reclaiming the $60K and $65K levels in consecutive weeks.
ETF flows tell the story. After seven weeks of net outflows that saw $2.8 billion leave the U.S. spot Bitcoin ETFs between mid-April and late May, the tide turned last week. Tuesday saw $340 million in net inflows — the third consecutive day above $300 million, per CoinGlass data. BlackRock’s IBIT led with $185 million in single-day inflows.
“The institutional bid is back,” said Noelle Acheson, author of the Crypto Is Macro Now newsletter. “The macro backdrop has shifted. The dollar is softening, rate cuts are back on the table for September, and the correlation to equities is positive again. Institutions don’t chase — they accumulate. That’s what we’re seeing.”
On-chain data reinforces the bullish signal. Exchange balances dropped to 2.32 million BTC, the lowest since December 2023, per Glassnode. Funding rates on perpetual swaps remain neutral — suggesting the rally is spot-driven rather than leveraged speculation. The immediate resistance sits at $68,500, a level that has capped BTC three times since March. A clean break above that opens a run at $72,000.
