For a deeper dive, see our full XRP forecast here.
Bitcoin Advances as Fed Chair Powell Fuels Rate Cut Bets
While XRP advanced on optimism about the Ripple case, bitcoin (BTC) trended higher as investors raised expectations of a Q3 Fed rate cut. Fed Chair Powell sank bets on a July Fed rate cut, stating:
“For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance.”
However, markets took his view that current rates were modestly restrictive as a rate cut signal boosting demand for risk assets. The Nasdaq Composite index closed the June 24 session up 1.43%.
US BTC-spot ETFs Eye Eleven-Day Inflow Streak
Market relief over the Iran-Israel ceasefire and rising hopes on a Q3 Fed rate cut fueled BTC-spot ETF inflows. According to Farside Investors, key inflows for June 24 included:
- Fidelity Wise Origin Bitcoin Fund (FBTC) had net inflows of $85.2 million.
- ARK 21Shares Bitcoin ETF (ARKB) reported net inflows of $43.8 million.
- Grayscale Bitcoin Mini Trust (BTC), Bitwise Bitcoin ETF (BITB), and VanEck Bitcoin ETF (HODL) saw combined net inflows of $23.3 million.
With BlackRock’s (BLK) iShares Bitcoin Trust (IBIT) flow data pending, total US BTC-spot ETF inflows reached $152.3 million. Notably, the US BTC-spot ETF market may extend its net inflow streak to eleven sessions.
Inflow trends have been pivotal, supporting bullish momentum and a potential break above the record high of $111,917. Similar flows into XRP-spot ETFs could drive XRP above its all-time high of $3.3999.
BTC Price Outlook: Trade Headlines, Capitol Hill, and ETF Flows
BTC advanced 0.66% on June 24, following Monday’s 4.42% rally, closing at $106,139. The near-term price outlook hinges on several crucial factors, including US-Iran nuclear deal talks, trade developments, and ETF flows.
Potential scenarios:
- Bearish Scenario: Renewed Middle East tensions, legislation setbacks, US tariff threats, and ETF outflows. A combination of these may send BTC toward the 50-day Exponential Moving Average (EMA), potentially exposing sub-$100,000 levels.
- Bullish Scenario: Progress toward a US-Iran nuclear deal, bipartisan support for the Bitcoin Act, easing trade tensions, and ETF inflows. Under these scenarios, BTC could retest its all-time high of $111,917.