The weekly digital asset fund flow report shows that digital asset investment products attracted an inflow of US$136 million last week, and the net inflow for three consecutive weeks reached US$470 million, completely correcting the net outflow of the previous nine weeks. Bitcoin remains in the spotlight for investors, attracting $133 million in inflows last week. Blockchain stocks saw their largest net inflows in a year, totaling $15 million. Still, transaction volumes have slowed and may be seasonally affected, with July and August typically seeing lower transaction volumes. In addition to Bitcoin, other cryptocurrencies such as Ethereum, Solana, and XRP also saw a certain degree of net inflow.

Bitcoin reached a new high for the year 2021, hitting $31,000 last week. Whale and shark addresses have continued to accumulate during the recent price rally, with 71,000 coins accumulated by addresses holding between 10 to 10,000 Bitcoins over the past three weeks.

Bitcoin and the crypto market have been trading sideways for over two weeks, with most altcoins following this trend. However, upcoming macro events could bring new momentum to the market.

According to on-chain analyst William Clemente, US investors have been buying Bitcoin since BlackRock's ETF bid was announced.

Over the weekend, the Bitcoin network hash rates reached new record highs, putting pressure on miners as hardware prices increase and profitability remains stagnant. The 7-day and 3-day average hash rates both hit all-time highs, with the 3-day average rising over 18%.

Bitcoin is currently trading at a discount of around 8.5% on Binance.US compared to global spot prices. Other cryptocurrencies like Ethereum and stablecoins like USDT are also trading at a discount on the exchange. However, the discount only applies when trading against fiat USD, and Binance.US users have not been able to deposit new USD since June 9.

Bitcoin experienced a slight dip in Asian trading on Monday but held steady above the support level of US$30,000. Ether and other top 10 non-stablecoin cryptocurrencies also saw losses due to concerns over potential interest rate hikes in the US.

According to data from Crypto Slam, Bitcoin's native non-fungible tokens (NFTs) known as "Ordinals" are on the verge of overtaking Ethereum in the NFT market. Despite Ethereum's current lead with over $24 million in NFT sales, Ordinals have seen a surge in both sales and active buyers, achieving an impressive 129.50% growth in USD sales and attracting close to 10% of the buyer market.

During a Twitter Spaces conversation, Ethereum inventor Vitalik Buterin discussed the need for scaling solutions for Bitcoin beyond just payments. He suggested that Bitcoin could learn from Ethereum's experiments with scaling solutions such as Plasma or ZK Rollups.

Despite the recent surge in the price of bitcoin fueled by the prospect of a spot bitcoin exchange-traded fund, data from The Block Research shows that there has been a decline in daily crypto exchange volumes. The seven day moving average for daily crypto exchange volumes has dropped from a high of $19.4 billion on June 27 to $14.2 billion on July 8. This could suggest that trading activity has shifted to derivatives or off-exchange. However, the price of bitcoin has remained relatively stable during this time period. Meanwhile, CME's bitcoin futures market has seen a surge in open interest, reaching $2.7 billion.