US spot Bitcoin exchange-traded funds pulled in $233.1 million on Thursday, marking their largest daily inflows since mid-June, even though the Bitcoin price slipped below $64,000. BlackRock’s iShares Bitcoin Trust was the main driver, accounting for $183.4 million or nearly 79% of the inflows. Bitwise’s BITB and Fidelity’s FBTC added $20.7 million and $15.5 million, respectively. Smaller ETFs also contributed to the total.
The uptick in inflows pushed the weekly net total to $203.84 million, positioning these funds for a fourth consecutive week of gains if Friday doesn’t see a reversal. July is shaping up as a turnaround month, with Bitcoin ETFs accumulating $437.8 million after two months of heavy outflows.
Price Rally Fizzles Amid Institutional Setup
Bitcoin’s price showed signs of life early Thursday, briefly breaking above $65,200 after hovering near $64,500. Yet the rally quickly stalled and BTC sank to around $63,700 at press time, a 1.3% drop in 24 hours. The short-term sell pressure remains strong despite fresh capital flowing into ETFs.
Ethereum spot ETFs also saw positive momentum, drawing $13.3 million on Thursday. Their performance has improved dramatically compared to June, with outflows on just five trading days in July versus net inflows on only four days last month. This trend shows growing institutional appetite across top cryptocurrencies.
Growing institutional interest in Bitcoin ETFs comes amid broader shifts in market strategy and regulatory developments. For context, recent moves like adjustments in capital allocation approaches signal evolving investor confidence, even as prices fluctuate.
This content is for informational purposes and should not be considered financial advice.
