Bitcoin (BTC) price is making a steady recovery after intense selling that pulled it down to $59,000 last week, as concerns mounted that the SpaceX IPO is removing liquidity from crypto. The IPO happened on June 12, and on the same day, inflows to BTC ETFs returned and reached the highest level in nearly one month.
BTC price trades at $64,153 today, June 13, with a slight 1.12% gain in 24 hours and $19 billion in volumes.
BTC ETF Inflows Return After SpaceX IPO
Data from SoSoValue shows that there were $85.85 million inflows to the spot Bitcoin ETFs on June 12, marking the highest level seen since March 14.
All 13 Bitcoin ETFs that trade in the US recorded positive inflows on June 12. That ended the negative streak seen since June 5, when BTC dropped below $59,000.
The BlackRock iShares Bitcoin Trust (IBIT) ETF recorded the highest inflow numbers of $57 million, while Fidelity came in second with inflows of $18 million.
But the inflows that were seen on June 12 did not offset the heavy outflows that were seen between June 8 and June 11 because the weekly number shows negative flows of $315 million.
The ETF inflows also coincided with a slight increase in the price of Bitcoin from $62,000 to $64,000 after concerns around the capital rotation from BTC to the SpaceX IPO eased once the company went live.
Bitcoin Price Chart Flashes Bullish Signal
The one-week price chart suggests that Bitcoin could be forming a double-bottom pattern, and this usually signals that momentum is about to turn bullish.
This double bottom has support at $60,000, and Bitcoin fell below that price on June 5.
The double bottom confirmation will occur if Bitcoin price can make three straight weekly closes above $60,000. Doing that might pave the way for a push to the neckline obstacle at $83,000.
The double bottom usually suggests a long-term Bitcoin price forecast because if the price can get to $83,000 and then make three closes above it, that might create a 38% move equal to the bottom’s depth. A 38% rise from $83,000 will push BTC to $115,000.
Liquidity Pressure From SpaceX IPO Eases
Earlier on, Standard Chartered had predicted that Bitcoin could reach $100,00 before 2026 ends, saying that the liquidity pressure that was coming from retail flocking to the SpaceX IPO has eased.
However, Sygnum Bank said that the IPO did not have anything to do with the Bitcoin price going down, adding that exchange balances do not show any significant selling that might suggest people are dumping BTC for something else.
But the digital asset bank also noted that there are more IPOs ahead for OpenAI and Anthropic that “will reshape where capital sits.” The two AI behemoths will launch their IPOs in late 2026.
On-Chain Data Supports Bitcoin Price Bottom
Despite the weight of the upcoming AI IPOs weighing on Bitcoin price, on-chain data support the above technical analysis that Bitcoin may have bottomed.
The Spent Output Profit Ratio (SOPR), which shows how many coins are being sold at a profit or a loss, has reached the same level that it reached in 2023 before Bitcoin price bounced.
CryptoQuant analysts note that the current SOPR level is usually where weak hands exit the market, paving the way for strong hands that help drive a strong price move upwards.
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