Bitcoin Recovers Toward $62K as ETF Inflows Return and Trump’s BTC Holdings Make Waves: Weekly Crypto Update
Although July has only just begun, the past seven days brought some much-needed relief to the cryptocurrency market, even if the overall sentiment remains fragile. Last week, Bitcoin was still struggling around $60,000 after the painful June correction. It moved sideways over the weekend before attempting to recover at the start of the business week. BTC was quickly rejected near $60,700, allowing sellers to push it lower. Pressure intensified on Tuesday as Bitcoin, alongside the broader market including the S&P 500 and Nasdaq, took a beating. BTC dumped below $59,000 and slipped toward $58,000 on some exchanges, marking its intraweek low. Support held firm, and the cryptocurrency bounced back to reclaim $60,000 and later push toward $62,000 as buyers returned and spot Bitcoin ETFs saw renewed inflows after a streak of outflows.
Altcoins followed, with some marking sharper increases. ETH recovered strongly toward $1,731, while SOL posted a double-digit weekly gain. XRP, DOGE, ADA, XLM, and HYPE also joined the rebound, helping the total crypto market cap recover some losses. The week was also packed with major headlines: Donald Trump’s latest financial disclosure showed he holds more than $50 million in Bitcoin, reigniting debates. FBI Director Kash Patel amended a disclosure associated with Strategy’s stock, while Securitize made its NYSE debut and launched tokenized shares on Solana and Avalanche. Other notable news included Standard Chartered becoming the first major bank to offer direct USDC minting and redemption services, a report on tokenized stocks as an altcoin lifeline, Bitwise CEO Matt Hougan suggesting Strategy’s Bitcoin era may fade, UK investors suing Binance and former CEO Changpeng Zhao for $200M, and analysis of Bitcoin ETF outflows rotating into AI stocks.
Overall, the bulls stopped the bleeding, but BTC still needs a decisive breakout above $70,000 to prove this is more than a dead cat bounce. Market data: total market cap $2.22T, 24H volume $66B, BTC dominance 56%. BTC: $62,000 (+2.7%), ETH: $1,731 (+9.6%), XRP: $1.12 (+7.2%).