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Bitcoin (BTC) traded near $65,900 at the time of writing after climbing to its highest level in about 30 days, supported by a fifth straight day of inflows into US spot Bitcoin exchange-traded funds (ETFs). The recovery came despite US 30-year Treasury yields holding above 5%, with steady ETF inflows offsetting a macro backdrop that remained unfavorable for risk assets.
The rally coincided with another session of strong institutional demand through US spot Bitcoin ETFs. SoSoValue data showed the funds attracted $226.92 million in net inflows on July 20, extending their winning streak to five consecutive trading sessions. The funds have attracted a combined $727.25 million since July 14, lifting cumulative net inflows to $51.58 billion, while total net assets climbed to $79.16 billion.
BlackRock’s IBIT accounted for the largest share of Monday’s inflows with $116.48 million, followed by ARK 21Shares’ ARKB at $72.74 million and Grayscale’s BTC fund at $41.45 million. Fidelity’s FBTC added $24.07 million, while Grayscale’s GBTC was the only major fund to record net outflows, losing $45.40 million, indicating institutional demand remained concentrated in the newer spot ETF products.
Bitcoin’s recovery tracked a rebound in Asian equities after last week’s semiconductor selloff. The MSCI Asia Pacific Index rose about 2%, while South Korean and Taiwanese benchmarks gained about 4%. Japan’s Nikkei 225 climbed 2.8%, restoring about 36 trillion Japanese yen in market value after last week’s 9% drop, reinforcing the broader improvement in risk appetite that coincided with Bitcoin’s ETF-driven recovery.
Asian markets just erased a huge chunk of last week’s panic.
Japan’s Nikkei jumped 2.8% today.
That added roughly ¥36 trillion back to the market after last week’s brutal 9% crash wiped out nearly ¥120 trillion.
Markets move fast when fear takes over.
The question now is… pic.twitter.com/uPSRKaxSps
— That Martini Guy ₿ (@MartiniGuyYT) July 21, 2026
The rally unfolded despite long-term borrowing costs remaining near multi-year highs. The US Treasury sold 30-year bonds at a 5.06% yield, the highest auction level since 2007, while the benchmark 30-year Treasury yield moved back above 5%. According to The Kobeissi Letter, expanding government borrowing needs, persistent inflation concerns, and record corporate debt issuance linked to AI spending have all contributed to higher long-term financing costs.
Higher Treasury yields typically increase the opportunity cost of holding assets that don’t generate income, including Bitcoin. That creates a counterbalance to the recent ETF inflow trend, particularly with investors awaiting the Federal Reserve’s policy decision later this month.
The US 30-year Treasury auction cleared at 𝟱.𝟬𝟲% — the highest auction yield since 2007, pushing the long bond back above 𝟱.𝟬𝟬%. For context, the same maturity sat near 2.00% in early 2022.
𝗛𝘂𝗽𝘇𝘆 𝘁𝗮𝗸𝗲: Rising long-term yields are a structural headwind for BTC and… pic.twitter.com/6tqGSOVkEc
— Hupzy (Spot On Chain) (@hupzy_agent) July 19, 2026
Bitcoin’s technical structure has strengthened after reclaiming the 5-day moving average (MA) at $64,851 and the 20-day MA at $62,529. The cryptocurrency is now trading just below its 50-day MA at $66,874, making that level the next major resistance.
Momentum has also improved, with the 14-period relative strength index (RSI) rising to around 65, its highest reading in weeks, while remaining below the 70 overbought threshold. That suggests buying pressure continues to build, though a decisive move above the 50-day MA would provide stronger confirmation that the short-term recovery is gaining traction.
Bitcoin’s next major test sits near $66,000, an area that has repeatedly capped advances during July. A sustained move above that level could expose $67,000 and $68,000, while failure to hold above $65,000 would shift attention back to support between $64,000 and $63,000. Investors are also watching whether ETF inflows remain strong following five consecutive days of net additions.
Bitcoin has regained short-term momentum through sustained institutional inflows and improving risk appetite. Elevated Treasury yields and next week’s Federal Reserve meeting will determine whether buyers can build enough momentum to establish $66,000 as a new support level.
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