Bitcoin ETFs post third straight weekly inflows despite $465 million in late-week losses

The vast majority of the activity was concentrated in BlackRock’s IBIT product accounting for nearly $415 million of the outflows.(SoSoValue)Bitcoin ETFs saw $465.26 million on Thursday and Friday last week, bringing an end to a seven-day winning streak.Despite this, the ETFs recorded their third consecutive week of inflows, with gains of $33.8 million across the five days.The small gains from bitcoin ETFs continue their modestly positive trajectory throughout July, following eight consecutive weeks of outflows dating back to the week-ended May 15.The U.S.-listed spot bitcoin BTC$65,148.57 exchange-traded funds (ETFs) have logged their first three-week inflows streak since early May. These funds attracted $33.79 million in the week ended July 24. That figure would have been much bigger had it not been for net outflows of around $225.2 million and $240.1 million on July 23 and 24 respectively, according to data tracked by SoSoValue.These late-week outflows also make the total weekly figure the smallest compared to the previous two weeks of inflows of $197 million and $75.67 million. The story, therefore, is that institutional demand has returned, but it’s anemic and not as powerful as typically observed during bull runs.“After May and June’s heavy outflows, July’s repair phase has brought relief, but institutional demand is still cautious,” crypto analytics firm BRN said in a email to CoinDesk. Bitcoin rallied to a July high of over $66,500 on the Tuesday, before retreating below $64,000 by the end of the week, amid profit-taking and weak action in the stock market with the Nasdaq 100 pulled down by chipmaker stocks, a bellwether for the AI industry.12345678910Crypto Flows, Share and the Selective RotationCrypto Flows, Share and the Selective RotationMarkets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.Why it matters:Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.View Full Report