Bitcoin above 66,000 dollars, but the momentum is missing
Bitcoin opened above 66,500 dollars (+2%) but quickly lost steam. Six straight days of ETF inflows show institutional money is back, but renewed inflation fears, pricey oil and a weak yen are keeping the rally in check.
The crypto market is caught in a tug-of-war. Bitcoin opened 2% higher on Wednesday, above 66,500 dollars (roughly €58,200), but gave back part of that gain in the morning and slipped toward 65,900 dollars (roughly €57,650). Ethereum barely moved, around 1,925 dollars (roughly €1,685). Two forces are holding the market captive.
Six days of inflows: the big money is back
On one side, institutional demand is clear. US spot bitcoin ETFs posted net inflows for six days in a row — around 727 million dollars (roughly €636 million) over five days combined. Total assets in those ETFs are back to about 79 billion dollars (roughly €69 billion), and net outflows for all of 2026 have shrunk to less than 5 billion dollars (roughly €4.4 billion). BlackRock's IBIT added over 164 million dollars (roughly €144 million) in that period; even a Solana staking ETF saw inflows.
The counterforce: inflation, oil and the yen
On the other side, the macro picture weighs. Renewed inflation fears, a higher oil price and a weaker yen are making investors cautious. That very headwind explains why bitcoin opened above 66,000 dollars but could not hold the gain. It is push and pull at once.
Big Tech as a gauge
This week, large tech companies such as Alphabet and Tesla report earnings. Because crypto is currently behaving like a risk asset that moves with the tech market, those results could set the tone: strong numbers feed risk appetite, disappointments do the opposite.
A glimmer of regulation too
There is another bright spot. A fresh draft of the CLARITY Act, the US crypto bill, is on the table, and the ethics sticking point that long held it up appears resolved. That could let the bill advance before the summer recess — a tailwind for sentiment, though nothing is certain until there is an actual vote.
What does it mean for Europe?
European investors are watching Wall Street too: ETF flows and tech earnings help set the global risk climate, and thus the mood on the European crypto market. As long as those two forces — inflows versus inflation fears — balance each other out, the price will keep drifting sideways.
Caveat: one session says little
Stay level-headed. Over the full week bitcoin is slightly up (+2.4%), but over a year still around 43% lower; ethereum nearly 49% lower. ETF inflows are a support under the price, not a guarantee. Don't read too much into a single trading day, and don't let the mood of the moment dictate your strategy.
Sources: The Motley Fool, Yahoo Finance. Last checked: 23 July 2026.