Bitcoin hits two-week high near $65,500 as chip stocks rebound and BTC ETF inflows top $600M
Bitcoin (BTC) rose about 1% to roughly $65,500 on Tuesday, its two-week high, as a rebound in Asian semiconductor stocks reversed last week’s crypto selloff and supported a broader risk rally. BTC traded with about $33B in volume.
Ethereum (ETH) led among majors again, up about 3% on the day to ~$1,922 and up ~8% over seven sessions. Other notable moves: XRP up ~3% to ~$1.13 (about +6% on the week), Solana (SOL) up ~2% to ~$78, BNB steady near ~$574, while dogecoin (DOGE) was flat. Hyperliquid’s HYPE gained ~4% to ~$63 but remained the only major down on the week.
Catalysts cited by traders:
- U.S. spot bitcoin ETFs logged five straight sessions of net inflows totaling $600M+, the strongest sustained institutional buying since mid-July and a reversal of an eight-week outflow streak through late June.
- Oil pulled back as Middle East diplomacy improved; Brent fell ~1% to ~$88.58.
- However, conviction is limited: spot crypto volumes stayed subdued despite price gains, suggesting the move is more “risk appetite” than fresh demand.
The key next test is the Federal Reserve’s late-July meeting (July 28–29). Markets price roughly a 15% chance of a July rate hike, with September still possible. Traders are watching for signals that could keep policy hawkish and cap upside for BTC and the wider complex.
Bullish
Bitcoin’s near-term upside looks supported by two concrete tailwinds: (1) a strong, multi-day inflow cycle into U.S. spot bitcoin ETFs (>$600M over five days), and (2) a broader risk-on move linked to a rebound in Asian semiconductor equities. Those factors typically improve BTC liquidity and sentiment, which can sustain rallies beyond a single session.
However, the article also flags limiting conditions: spot volumes remain subdued, implying price action may be more macro/risk sentiment driven than conviction-driven. Historically, BTC rallies tied to risk appetite can extend, but they often stall or become choppy around major macro catalysts—here, the Fed meeting—especially when markets still price potential additional hikes (roughly a ~15% chance for July).
So the expected path is bullish but not “unlimited”: short term, ETF inflows and equities/semis rebound can keep BTC firm and lift majors like ETH; long term, follow-through depends on whether the Fed signals reduced hawkishness and whether ETF demand persists after the meeting.