Key Takeaways
- Data is pointing to interest in the middle east conflict cooling off.
- Crypto working group appointed by President Trump, expected to submit report by the 22nd of July.
- Chart of the week: Comparing ETF and non-ETF spot Bitcoin demand.
After a rocky stretch, Bitcoin and many altcoins are starting to steady – with signs of stability emerging after weeks of global uncertainty.
Following on from the Squawk last week, Google Trends data shows that interest in the Middle East has fallen compared to a week ago. Unless something unexpected happens, the public is hopeful global leaders are steering toward a more stable and less confrontational path.
This could be the breath of fresh air crypto markets were looking for, which we’ve seen trade 6.6% higher for the week at the time of writing.
Price and search trends help tell us part of the story. Looking at Exchange-traded funds (ETF) can give us another measurement to understand Bitcoin sentiment.
More signs of demand
We’re seeing renewed demand from institutional ETF products – with BlackRock’s IBIT Bitcoin ETF showing consistent net inflows since Monday. Easing geopolitical tensions, which, as mentioned earlier, may be helping restore confidence across retail and institutional markets.
It’s also important to keep in mind that the White House has announced a key date for the working group on digital assets, with July 22nd marking the next day to jot down in our calendars. It’s at this time the committee is expected to submit a report to President Trump, outlining regulatory and legislative recommendations on market structure, oversight, consumer protection and risk management.
As we draw closer to more clarity, it will be important to see how the market reads the news.
Chart of the week –Bitcoin ETF vs non-ETF Volumes
So while the data shows we’ve seen demand return, what does demand look like on the ETF front when we zoom out?
This chart shows how spot Bitcoin ETFs now comprise a significant share of total BTC spot market volume – accounting for over 25% at recent highs.
The trend signals that regulated, traditional-access products like BlackRock’s IBIT are not just gaining traction – they’re becoming a major channel for Bitcoin exposure even during periods of short-term volatility.
Institutions are steadily building presence through ETFs, especially during windows of macro stability.
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