Second week of inflows into Bitcoin ETFs: a trend reversal or a temporary correction?
Spot Bitcoin ETFs in the US recorded inflows for the second consecutive week. From July 13 to 17, 2024, the funds attracted $75.67 million, solidifying a reversal after a prolonged streak of outflows. This is an important signal for the market, indicating the return of institutional investor interest.
The turning point emerged the previous week. From July 6 to 10, the funds turned positive for the first time in a long while, gaining $197.4 million. The current week confirmed the trend: inflows continued, albeit with less intensity.
How Flows Changed Day by Day
Before the reversal, the funds experienced a prolonged outflow. For eight consecutive weeks, investors withdrew funds from Bitcoin ETFs, with amounts sometimes exceeding $1.5 billion per week. However, the daily picture was uneven. For instance, on July 13, the funds recorded an outflow of $424.66 million — the only negative figure during this period. Subsequently, the flow turned positive: on July 14, inflows amounted to $181.08 million, and on July 15, another $107.8 million. The positive momentum held through the end of the week: on July 16, $79.15 million was attracted, and on July 17, $132.3 million. In total, inflows over these days offset the single outflow, ensuring a second consecutive weekly gain. The cumulative net inflow into the funds reached $51.35 billion.
What’s Happening with Other ETFs
The inflow was not limited to Bitcoin. Over the past week, spot Ethereum ETFs also attracted notable funds. ETH-based funds posted a weekly inflow of $105.44 million, surpassing Bitcoin funds in terms of capital attracted. Interest was also seen in XRP funds, which drew $6.78 million. Inflows into Solana funds were more modest — about $948,210 over the same period. However, not all assets remained in positive territory: funds based on the HYPE token recorded an outflow of $7.26 million during the reporting period. For other cryptocurrency-based products, fund flows over the last week were zero.
Analytical commentary from Cryptalist: The second week of inflows into Bitcoin ETFs is not a coincidence but a signal of a shift in sentiment. Institutional investors seem to view current prices as an attractive entry point. However, it’s worth remembering that outflows lasted eight weeks, and full restoration of confidence will take time. Ethereum ETFs, which surpassed Bitcoin funds in inflow volume, point to growing interest in altcoins, which could become a driver for the next market phase. Keep an eye on the flows — they often precede price movements.