Bitcoin Holds at $64,734 as Spot BTC ETFs See $180M Inflow, Japan Reclassifies Crypto as Financial Asset
Bitcoin is trading at $64,734 as of July 16, 2026, down 0.34% in the past 24 hours, with a market capitalization of $1.298 trillion and 24-hour trading volume of $28.37 billion. The cryptocurrency market is showing a mixed picture as risk assets pull back slightly after the recent rally driven by lower-than-expected US CPI and PPI data.
Spot Bitcoin ETFs recorded a net inflow of $180 million on July 15, with BlackRock’s IBIT product accounting for $139 million of the total. While inflows have been positive for several consecutive days, FRNT Financial analysts caution that it is too early to declare a trend reversal. June saw overall net outflows from BTC ETFs, and geopolitical uncertainties continue to influence institutional investor decisions.
In a landmark policy development, Japan officially reclassified cryptocurrencies as “financial assets” on July 15 and announced a reduction in crypto-related taxes. Previously, crypto assets in Japan were taxed at rates as high as 55% as “miscellaneous income.” The new classification brings the tax rate down to approximately 20%, a flat capital gains rate. This policy shift is seen as a positive signal for the Asian regulatory environment and could attract more Japanese retail and institutional investors to the crypto market.
Ethereum outperformed Bitcoin on the day, rising 2.07% to trade around $3,480. Ethereum ETFs saw $58 million in net inflows, primarily driven by BlackRock’sETHA product. Morgan Stanley updated its S-1 filing, confirming Coinbase as the custodian for its ETH ETF, further strengthening institutional confidence in Ethereum.
However, Citigroup revised its 12-month Bitcoin price target downward from $112,000 to $82,000, citing June ETF outflows and escalating geopolitical risks as the primary reasons. From a technical perspective, Bitcoin finds support at $62,500 and faces resistance at $68,000. The broader market remains sensitive to macro developments, with all eyes on next week’s FOMC meeting.