Bitcoin ETF Sees Inflows for Third Consecutive Week, Institutional Demand Picks Up but Remains Cautious

BlockBeats News, July 27th: The US spot Bitcoin ETF saw net inflows for the third consecutive week, marking a three-week consecutive increase for the first time since early May. However, due to outflows before the weekend, the inflow this round slowed significantly.

As of the week ending July 24th, the total net inflow of the US-listed spot Bitcoin ETF was $33.79 million. The inflows in the previous two weeks were $197 million and $75.67 million, respectively.

Data shows that on July 23rd and July 24th, the Bitcoin ETF saw net outflows of approximately $225.2 million and $240.1 million, respectively, ending the previous trend of seven consecutive days of inflows. Among them, BlackRock's IBIT product saw the largest outflow, at around $415 million.

Market analysis believes that institutional funds are flowing back into the Bitcoin ETF, but the demand is still lower than during the bull market. Crypto data firm BRN stated that after large-scale outflows in May and June, the market entered a phase of recovery in July, but institutional investors remain cautious.

On the price front, Bitcoin briefly rose above $66,500, the high point for July, this Tuesday before falling back below $64,000 by the weekend due to investor profit-taking and a tech stock slump in the US market. The Nasdaq 100 index was weighed down by a drop in chip stocks, further affecting the performance of risk assets.