Bitcoin Surges Past $66K Driven by ETF Inflows and Buying

Bitcoin is showing significant strength after a rocky start to July. The asset dropped below $58,000 early in the month but has since staged an impressive comeback. By climbing past $66,000, Bitcoin has gained more than $8,000 in just a few weeks. This turn of events signals a return of confidence among market participants.

Several factors are fueling this move. Institutional interest is heating up as spot ETFs record consistent inflows again, snapping a long streak of withdrawals. At the same time, whale addresses holding between 1,000 and 10,000 coins have ramped up their holdings significantly. This cohort is adding to their positions at a rate not seen since early spring.

Macro conditions also provided a boost when US inflation data came in softer than expected. This lowered pressure on the Federal Reserve and encouraged interest in risk assets. Finally, reports of progress on the CLARITY Act have added a positive tone to the legislative outlook.

Traders are now watching to see if Bitcoin can maintain this momentum above the $66,000 level. Sustained ETF buying and continued whale interest will be key indicators to follow in the coming days.