From July 13 to 17, spot Bitcoin ETFs showed a net inflow of $75.5 million. This marks the second consecutive positive week for these products, indicating sustained interest from institutional investors in the digital asset.
The main driver of growth was BlackRock's IBIT, which attracted $204.1 million. Meanwhile, the largest outflow was recorded for Fidelity's FBTC at $181.1 million. This trend suggests a redistribution of capital in favor of more liquid and larger funds.
Over the same period, Ethereum funds attracted $105.5 million, nearly mirroring the trajectory of Bitcoin instruments. The bulk of inflows went to BlackRock's ETHA at $135.3 million. This confirms growing interest in altcoins amid overall optimism in the crypto market.
Notably, crypto funds are showing strength despite the negative backdrop in the stock market caused by renewed geopolitical tensions between the U.S. and Iran. This indicates that digital assets are gradually distancing themselves from traditional risk instruments.
From a long-term perspective, the Bitcoin ETF market may follow the path of gold ETFs: periods of sharp growth will be followed by deep corrections and prolonged consolidation. Both assets do not generate cash flow, so their value depends entirely on investor sentiment and macroeconomic conditions.
An additional bullish signal comes from Glassnode data: Bitcoin holders have stopped mass realizing losses. In previous cycles, such behavior has repeatedly preceded the start of an upward trend.
My expert opinion: The current dynamics of ETF flows and the decline in loss-making sales among long-term holders form a classic foundation for continued growth. However, investors should be prepared for high volatility, especially amid geopolitical risks. So far, the market is holding steady, but the key test will be its reaction to a potential deterioration in the macroeconomic situation.