Bitcoin ETFs see net inflows for a 3rd straight week! Last week attracted $33.79 million, with institutional buying picking up but still remaining cautious

The recent capital flow trend in the U.S. spot Bitcoin ETF market has drawn significant attention. As reported by CoinDesk, although there were massive net outflows totaling up to $465 million on Thursday and Friday, causing Bitcoin to briefly fall below $64k, the full-week data ending July 24 still recorded a net inflow of $33.79 million. This not only marks three consecutive weeks of positive fund flows, but also shows that while institutional demand has warmed up, it remains in a cautious state.
(Background summary: Metaplanet CEO reviews Strategy’s Bitcoin treasury strategy: called a gimmick five years ago, now holds 840k BTC)
(Additional background: Bitcoin rebounds to $65k, while Ethereum surges past $1,940, “liquidations of $210 million,” and the fear index rises by 30)

After a two-month stretch of fund lows, U.S.-listed spot Bitcoin ETFs appear to be seeing a mild return of capital. On July 27, Taipei time, citing SoSoValue data, CoinDesk reported that within the week ending July 24, spot Bitcoin ETFs successfully recorded a net inflow of $33.79 million—the first time since early May this year that there has been a streak of three consecutive weeks of net inflows.

Massive $465 million sell pressure over the weekend interrupts a streak of seven straight days of inflows

However, this performance was not smooth throughout. The data show that although the week as a whole still ended with positive net inflows, last Thursday (the 23rd) and Friday (the 24th) each saw substantial net outflows of approximately $225.2 million and $240.1 million, respectively. Combined, about $465.26 million in capital was lost, directly breaking the prior run of inflow strength over seven consecutive days. Among them, most of the sell pressure was concentrated in BlackRock’s IBIT product—outflows from that single product accounted for nearly $415 million.

Compared with the net inflows of $197 million and $75.67 million recorded in the previous two weeks, the net inflow this week shrank significantly, the smallest in nearly the past three weeks. Crypto analytics firm BRN commented: “After large outflows in May and June, July has entered a repair phase, bringing some relief, but institutional demand is still quite cautious.” The analysis suggests that although institutional interest has returned somewhat, the strength of buy-side demand remains weak, far below the robust performance seen during typical bull-market periods.

Profit-taking and U.S. stock market drag push BTC back below $64,000

In the spot market, Bitcoin’s price also saw violent fluctuations during the week. On Tuesday, Bitcoin briefly surged to a new high since July, breaking above the $66,500 level; but afterward, due to profit-taking sell pressure and the correlation impact from a broader weakening in U.S. stocks (especially the Nasdaq 100 index dragged by chip stocks), prices fell again over the weekend to below $64,000. The market is closely watching whether this mild return of capital can continue to build momentum in the coming weeks, thereby providing stronger support for coin prices.