US spot Bitcoin ETFs pulled in nearly $1 billion in inflows over seven consecutive trading days. According to data from market tracker SoSoValue, investors allocated nearly $500 million this week alone - marking the strongest weekly performance recorded since early May.
This wave of institutional capital was immediately reflected on the price charts. Bitcoin briefly crossed the $66,000 level for the first time since mid-June. At the time of reporting, the largest cryptocurrency by market capitalization was trading around $65,680. Although this reflected a slight 0.3% dip on the day, the digital coin still recorded a cumulative 1.4% gain over the past week.
What Google’s Spending Has to Do With Crypto
However, another narrative outside the crypto sector drove the price action this week. Alphabet, Google’s parent company, recently reported second-quarter 2026 revenue of $119.8 billion - beating market analyst expectations. Alongside this financial report, Alphabet announced plans to raise its artificial intelligence capital expenditure guidance.
Alphabet’s decision immediately triggered a ripple effect across Asian stock markets. The Kospi index climbed 3.6%, while shares of semiconductor manufacturers such as Samsung and SK Hynix each gained more than 2%. Bitcoin’s price action has recently shown a positive correlation with chipmaker stocks. As the outlook for AI infrastructure spending drew capital into tech equities, this buying sentiment spilled over into the crypto market.
Two Opposing Directions on Centralized Exchanges
While focus was divided between ETF inflows and chip stocks, the internal cryptocurrency exchange landscape revealed a concentration of power in a single player. Binance maintained its dominance, holding roughly 55% of total user funds worldwide. The exchange also captured a 24% share of all spot trading volume.
Heading into early July, Binance continued to attract net cash inflows. This trend moved in the opposite direction of its competitors, several of which recorded net capital outflows over the same period.
Current market conditions reveal dual catalysts for Bitcoin holders. On one hand, prices receive support from weekly institutional ETF inflows, while on the other, the chart trend is riding the outlook for global hardware spending. For market participants, monitoring Asian chip stocks has now become just as essential as tracking on-chain transaction data.
Sourced from CoinDesk.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
