Spot Bitcoin ETFs recorded a net inflow of $75.5 million for the period from July 13 to 17. This marks the second consecutive week of positive momentum, confirming sustained institutional investor interest in instruments based on the first cryptocurrency.
BlackRock's IBIT as the Main Growth Driver
The bulk of inflows came from BlackRock's IBIT fund, which attracted $204.1 million. Meanwhile, the largest outflow was observed in Fidelity's FBTC product at $181.1 million. This divergence points to a capital redistribution within the segment: investors are favoring the largest and most liquid ETFs with low fees.
Ethereum Funds Mirror Bitcoin's Trajectory
Over the same period, Ethereum ETFs attracted $105.5 million, showing similar dynamics to digital gold-based instruments. The majority of inflows ($135.3 million) went to BlackRock's ETHA, confirming the asset manager's dominance in the crypto-ETF market.
Notably, crypto funds continue to demonstrate strength despite the resurgence of geopolitical tensions between the U.S. and Iran, which is putting pressure on traditional stock markets. This indicates the growing maturity of digital assets as an alternative investment class.
Analogy with Gold and Market Prospects
Bloomberg Senior Analyst Eric Balchunas drew a parallel between Bitcoin ETFs and gold ETFs, noting that both instruments represent "shells for non-yielding stores of value." In his view, the history of gold ETFs shows that surges in interest are followed by sharp drawdowns and prolonged periods of stagnation. This is especially relevant for assets that do not generate cash flow, where market sentiment remains the key factor.
Additional Signal from Bitcoin Holders
In addition to the positive ETF data, Glassnode analysts noted that Bitcoin holders have stopped realizing losses en masse. In previous market cycles, such dynamics have repeatedly preceded the start of an upward trend. This suggests that long-term investors are once again adopting a wait-and-see stance, which could set the stage for a new rally.
Expert Opinion: The resilience of inflows into crypto ETFs amid geopolitical risks and stock market instability is a strong bullish signal. However, investors should consider the history of gold ETFs: after initial enthusiasm, the market may enter a consolidation phase. The key growth driver will remain Bitcoin's ability to break through key resistance levels, backed by institutional demand.