Spot Bitcoin exchange-traded funds (ETFs) experienced net outflows of $78 million on Tuesday, marking the end of a 12-day inflow streak. Bitwise's BITB led the outflows with $70 million, followed by Ark’s ARKB at $52 million, and Grayscale’s GBTC at $27 million. In contrast, BlackRock’s IBIT ETF saw a net inflow of $72 million, pushing its assets under management (AUM) above $22 billion for the first time.

• Bitcoin ETFs see net outflows of $78 million, ending a 12-day inflow streak. Bitwise's BITB leads outflows with $70 million, while BlackRock's IBIT sees net inflows of $72 million.BTC prices remain steady above $66,000.

• Ether ETFs launch with $107 million in net inflows.

• Market awaits potential cryptocurrency regulation updates from U.S. presidential candidates.

• Leading analyst Willy Woo presents a balanced Bitcoin technical analysis with both bullish and bearish indicators.

The market saw this activity as Ether ETFs launched, garnering $107 million in net inflows and trading volume exceeding $1 billion. Despite the bitcoin ETF outflows, BTC prices remained steady above $66,000, showing a minor decline of 0.5% in the past 24 hours.

Read more: Spot Ethereum ETFs Make a Splash: First-Day Trading Volume Hits $1.08 Billion

Traders anticipate a continued lull in BTC price action until fresh commentary from U.S. presidential candidates provides more clarity on future cryptocurrency regulations. 

Alice Liu, research lead at CoinMarketCap, noted, "The market is in 'wait and see' mode ahead of Trump's speech at the Nashville Conference on July 25th, where it is anticipated that he may announce BTC to be used in the national reserves."

Liu added, "If this does happen, it will trigger a parabolic rise in Bitcoin's price." Meanwhile, Singapore-based QCP Capital mentioned in a Telegram broadcast that prices might remain subdued until momentum builds leading to the elections, citing potential selling pressure from the U.S. Government and Mt. Gox.

Read more: Bitcoin Soars on Trump Speculation and ETF Inflows: Can It Break $71,500?

The defunct Bitcoin exchange Mt. Gox moved a fresh batch of assets to new wallets on Wednesday, potentially tempering chances of a price rally. Arkham data shows Mt. Gox transferred 37,400 BTC, worth $2.5 billion, from its main wallet to a new wallet "12Gws9E," and another $300 million to an existing cold wallet. An additional $130 million was sent to crypto exchange Bitstamp. Despite these movements, BTC prices remained stable.

Mt. Gox currently holds $6 billion worth of BTC, down from $9 billion earlier in July. These movements mirrored Tuesday’s transfers, where $130 million was moved to Bitstamp, and $2.5 billion was shuffled between wallets. Several creditors on Kraken reported receiving Bitcoin repayments in their personal accounts.

Read more: Will $10 Billion in Bitcoin Repayments from Mt. Gox Weaken BTC Price?

Leading crypto analyst Willy Woo recently provided an in-depth analysis of Bitcoin, highlighting five macro signals that influence his view of the top digital asset. His analysis includes three bullish and bearish indicators that could shape Bitcoin’s trajectory.

Bullish Signals

Bitcoin’s bullish signals | Source: Willy Woo on X

1. End of Miners’ Capitulation: Woo noted that the end of miners’ capitulation is a significant bullish indicator. This phase, where miners cease to sell large amounts of Bitcoin, often precedes a price rally. The Bitcoin hash rate, reflecting the computational power for mining, is surging back, driven by new hardware like the M66s and S21 Pros.

2. Puell Multiple: This indicator measures miners' relative profit to past revenues. Woo explained it as a two-punch macro signal. First, macro bottoms occur when profitability is at its lowest. Second, a signal bottom happens when BTC halving cuts miner earnings by 50%, setting the stage for a bull run. According to Woo, we are currently at the second stage, suggesting that miners will soon be making good profits, potentially leading to a breakout in publicly listed miner stocks.

3. Global Liquidity: The rise in global liquidity underpins market optimism. Increased money supply often leads sectors like Traditional Finance (TradFi) to allocate funds to risk-on assets such as Bitcoin. Preliminary signs suggest a breakout in this department, attracting more investment inflows into Bitcoin and other cryptocurrencies.

Bearish Signals

1. Bitcoin Flowing into Spot Exchanges: Woo highlighted a large increase in Bitcoin moving to spot exchanges, a common precursor to sell-offs. Notably, 50,000 BTC was recently transferred to Kraken from Mt. Gox, indicating a potential imminent dump.

2. Ethereum Spot ETF Launch: The launch of an Ethereum spot ETF could temporarily siphon capital away from Bitcoin spot ETFs into Ethereum, posing a bearish development for Bitcoin.

Despite these bearish signals, Woo remains optimistic. He stated, "In summary we have a tug-o-war happening on demand and supply. In my opinion, the bullish factors overpower the bearish factors. In the short term, BTC only needs to break $73k to light the fuse to a short squeeze to $77k, above that there’s nothing holding it down for price discovery."

BTC/USDT price chart | Source: KuCoin 

BTC price action remains in a state of flux on lower timeframes after a recovery initially lifted the market past $68,000. However, sell-side concerns persist due to ongoing payouts to Mt. Gox creditors and the market's reception of U.S. spot Ether ETFs. Monitoring resource MiningPoolStats reported Bitcoin hashrate at 676 exahashes per second as of July 22.

While the market remains in anticipation of regulatory updates and potential catalysts, the long-term outlook for BTC appears optimistic, especially with the recent buy signal from the hash ribbons indicator suggesting a potential for significant price increases.

The recent outflows in Bitcoin ETFs highlight the market's cautious stance as it awaits crucial regulatory updates from the U.S. political landscape. Despite these outflows, the stability in BTC prices and the promising signals from Willy Woo’s analysis provide a hopeful outlook for Bitcoin's future performance. Investors remain vigilant, watching for key announcements that could propel the market into its next bullish phase.