From July 13 to 17, spot Bitcoin ETFs recorded a net inflow of $75.5 million, marking the second consecutive "green" week for these instruments. Data obtained during my analysis confirms that investors continue to increase their positions despite external macroeconomic risks.
The main growth catalyst was BlackRock's IBIT fund, which attracted $204.1 million. However, it is worth noting that the largest capital outflow came from Fidelity's FBTC — $181.1 million. This indicates a redistribution of funds among key issuers, which is typical for a mature market where investors choose the most liquid and trusted instruments.
During the same period, Ethereum funds also showed positive dynamics, attracting $105.5 million. Here, the leader was BlackRock's ETHA with an inflow of $135.3 million. Interestingly, Ether ETFs are following the trajectory of Bitcoin funds, indicating a synchronization of sentiment in the digital asset market.
Notably, crypto funds are demonstrating strength even against the backdrop of negative stock market sentiment caused by renewed geopolitical tensions between the US and Iran. This confirms that institutional investors view Bitcoin and Ether as independent asset classes capable of maintaining appeal in times of uncertainty.
However, one should not forget the warnings. Senior Bloomberg ETF analyst Eric Balchunas rightly notes that Bitcoin ETFs could follow the path of gold ETFs: periods of euphoria will be replaced by sharp drawdowns and prolonged stagnation. "Both assets are shells for non-yielding stores of value," the expert emphasizes, adding that such products are particularly dependent on investor sentiment since the underlying assets do not generate cash flow.
An additional positive signal is a recent observation from Glassnode: Bitcoin holders have stopped mass realizing losses. In past cycles, such dynamics have repeatedly preceded the start of an upward trend. Combined with sustained inflows into ETFs, this creates a foundation for potential growth.
My professional assessment: the current situation resembles an accumulation phase, where "smart money" uses any correction to enter. However, investors should be prepared for volatility — the market remains sensitive to geopolitical shocks, and sharp movements in both directions remain the norm.