According to Farside Investors data, for the week ending July 11, U.S.-listed spot Bitcoin ETFs recorded net inflows of $197.4 million, ending eight straight weeks of weekly net outflows since May 11. However, 10x Research founder and CEO Markus Thielen said it is too early to call that institutional demand has recovered.
BlackRock Bitcoin ETF sees $291.9 million net inflows; Grayscale, Fidelity, and ARK see outflows
According according to Farside Investors data, the fund flows for major Bitcoin ETFs for the week ending July 11 were as follows: the BlackRock iShares Bitcoin Trust ETF logged net inflows of $291.9 million, the largest contributor for the week.
Grayscale Bitcoin Trust ETF, Fidelity Wise Origin Bitcoin Fund, and the ARK 21 Shares Bitcoin ETF saw outflows, partially offsetting BlackRock’s inflows. After totaling them all, U.S. spot Bitcoin ETFs recorded net inflows of $197.4 million for the week.
Cumulative net outflows of $8.26 billion since May 11
(Source: SoSoValue)
According to the report, compared with the $8.26 billion withdrawn by investors since May 11, 2023, the $197.4 million inflow this week was small in scale. 10x Research founder and CEO Markus Thielen told Cointelegraph: “Over the past few months, there has been a pattern: Bitcoin performs better in the first half of the month, then consolidates in the second half. Even if Bitcoin is up more than 9%, ETF flows have not yet shown meaningful growth—we believe negative factors still remain.”
He added that given the outflows from ETFs and stablecoins in August and September, as well as seasonal factors, it is still too early to draw conclusions.
Coutts says it’s approaching the second half of the bear market; Thompson expects a bottom around October
According to the report, analysts are divided on the outlook: Jamie Coutts, chief crypto analyst at Real Vision, said last week that based on early technical signs, selling pressure is easing. “I think we’ve gone through most of the bear market; it’s obviously not over, but I think we’re at least nearing the second half of it.”
Russell Thompson, chief investment officer at asset manager Hilbert Capital, said Bitcoin is still in a downward cycle and could bottom around October this year.
Ethereum ETFs end eight-week streak of outflows, net inflows of $84.42 million
According to the report, U.S.-listed spot Ethereum ETFs also ended eight straight weeks of outflows in the same week. For the week ending July 11, they recorded net inflows of $84.42 million, with Ethereum funds from BlackRock and Fidelity leading the way. But compared with the cumulative net outflows of $1.2 billion from Ethereum ETFs since May 11, 2023, the inflow size this week also appears limited.
FAQs
How much did U.S. spot Bitcoin ETFs see inflows this week, and how long did the outflow streak last?
According to Farside Investors data, for the week ending July 11, 2023, U.S. spot Bitcoin ETFs recorded net inflows of $197.4 million, ending eight straight weeks of weekly net outflows since May 11.
Which Bitcoin ETF was the biggest contributor to this week’s inflows?
According to Farside Investors data, the BlackRock iShares Bitcoin Trust ETF saw net inflows of $291.9 million, the largest contributor among U.S. spot Bitcoin ETFs for the week; Grayscale, Fidelity, and ARK 21 Shares saw outflows.
Do analysts view this as a sign that institutional demand for Bitcoin has recovered?
According to 10x Research CEO Markus Thielen, given seasonal factors in August and September and still insufficient capital flows, it is too early to call that institutional demand has recovered. The $8.26 billion cumulative net outflows from Bitcoin ETFs since May 11 far exceeds the $197.4 million inflow this week.
