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Bitcoin ETFs log third straight week of inflows despite late-week losses
The week ended July 24 saw $33.8 million in net inflows, but outflows of about $225.2 million on July 23 and $240.1 million on July 24 trimmed the totals.
CoinDesk reports that U.S.-listed spot bitcoin ETFs recorded $465.3 million in activity across Thursday and Friday of last week, ending a seven-day winning streak. Even so, the funds posted a third consecutive week of inflows, totaling $33.8 million over the five trading days leading to the week ended July 24.
SoSoValue data cited by CoinDesk shows the week ended inflows were dented by late-week selling, with net outflows of roughly $225.2 million on July 23 and $240.1 million on July 24. The late-week outflows also left the weekly inflow total as the smallest versus the prior two weeks, when inflows were $197 million and $75.7 million, respectively.
The report says BlackRock’s IBIT accounted for nearly all of the late-week outflows, with about $415 million attributed to the product. CoinDesk also notes that July has seen a modestly positive path for bitcoin ETFs after eight consecutive weeks of outflows dating back to the week-ended May 15.
CoinDesk adds that bitcoin rallied to a July high above $66,500 on Tuesday before retreating below $64,000 by the end of the week, alongside profit-taking and weaker action in U.S. stocks. BRN, a crypto analytics firm, said in an email to CoinDesk that July’s “repair phase” has brought relief, but institutional demand remains cautious.
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