Bitcoin, Ether extend relief rallies as extreme fear meets renewed ETF buying
Bitcoin rebounded to just under $63,000 and Ether rose to $1,775 after recent sharp declines, even as crypto sentiment remained deeply pessimistic with the Fear & Greed index at “Extreme Fear” (11/100). The move was supported by a strong turnaround in US spot Bitcoin ETFs, which saw $221.7 million of net inflows on July 2, the biggest daily inflow since early May and a break from 10 straight outflow days. Derivatives data shows the rally may be driven more by leverage than spot demand: funding rates have stayed positive for eight days and open interest is near recent highs. That suggests traders are increasingly positioned for upside, but also makes the market more fragile if price stalls. Key levels to watch are about $61,000 on the downside and $62,500 on the upside. A holiday weekend with thinner liquidity adds risk.
