Spot Bitcoin ETFs ended the week of July 13-17 with net inflows of $75.5 million. This marks the second consecutive positive result for these instruments. Analyzing the data, it is evident that the market is showing confidence despite external macroeconomic factors.
The main driver of growth was BlackRock's IBIT fund, which attracted $204.1 million. At the same time, the largest outflow was recorded for Fidelity's FBTC at $181.1 million. This picture indicates a redistribution of capital among the largest issuers, with preference given to more liquid and branded products.
Interestingly, Ethereum funds attracted $105.5 million over the same period, mirroring the positive dynamics of Bitcoin products. The bulk of the inflows went to BlackRock's ETHA at $135.3 million. This confirms that institutional investors view Ethereum as the second most significant asset after Bitcoin.
Crypto funds continue to show strength despite negative sentiment in the stock market caused by geopolitical tensions. This suggests that digital assets are becoming an alternative safe haven for capital.
Bloomberg Senior Analyst Eric Balchunas drew a parallel between Bitcoin ETFs and gold ETFs, noting that both instruments are wrappers for non-yielding stores of value. He warns that surges in interest will be followed by sharp drawdowns and prolonged stagnation, which is typical for such assets.
Additionally, Glassnode data shows that Bitcoin holders have stopped realizing losses en masse. In past cycles, such dynamics have repeatedly preceded the start of an upward trend, adding optimism in the medium term.
Expert opinion: Sustained inflows into ETFs, especially amid macroeconomic uncertainty, confirm the market's maturity. However, investors should be prepared for volatility — historical parallels with gold show that a euphoria phase is often followed by a correction. The key factor will remain the dynamics of interest rates and regulatory clarity.