From July 13 to 17, spot Bitcoin ETFs showed a total net inflow of $75.5 million, securing a second consecutive "green" week. This confirms the persistence of institutional interest in digital assets despite macroeconomic uncertainty.
The key growth driver was BlackRock's IBIT instrument, which attracted $204.1 million. At the same time, the largest outflow was recorded for Fidelity's FBTC at $181.1 million. This rotation indicates a redistribution of capital toward the most liquid and trusted issuers, which is typical for mature markets.
Ethereum funds are not far behind
Over the same period, Ethereum ETFs attracted $105.5 million, showing similar dynamics to Bitcoin products. The bulk of inflows went to BlackRock's ETHA at $135.3 million. This underscores that interest in altcoins persists alongside Bitcoin, but capital concentration around the largest management companies is intensifying.
Crypto funds continue to show strength, ignoring negative sentiment in the stock market caused by renewed geopolitical tensions between the US and Iran. This indicates the formation of a certain degree of autonomy for the crypto market from traditional risks.
Looking ahead: parallels with gold
Bloomberg senior analyst Eric Balchunas expressed the view that Bitcoin ETFs could repeat the history of gold ETFs: periods of rapid growth will be followed by sharp corrections and prolonged phases of stagnation. He rightly notes that both assets are "non-yielding stores of value," making them particularly sensitive to investor sentiment rather than fundamental cash flows.
Glassnode data also confirms a positive signal: Bitcoin holders have stopped mass loss-taking. In past market cycles, such dynamics have repeatedly preceded the start of an upward trend.
Analyst's opinion: The current ETF dynamics are an important but not the only indicator. Reduced selling activity among long-term holders combined with institutional inflow creates prerequisites for sustainable growth, but high correlation with geopolitics and macroeconomics remains. The market is in an accumulation phase, but consolidation above key resistance levels is needed to confirm the trend.