Bitcoin and ether ETFs had a significant week from July 7-11, seeing a combined net inflow of about $282 million. This movement marked the end of an extensive outflow streak that lasted eight weeks, during which approximately $9.46 billion was withdrawn from these two asset classes.
#What Led to the Positive Momentum?
The positive trend actually began before the week changed. Inflows on specific days peaked at figures between $221.72 million and $265.69 million around July 2, signaling a renewed interest from institutional investors after a period of inactivity.
Fidelity's FBTC took a leading role in Bitcoin inflows. BlackRock’s IBIT, which stands as the largest spot Bitcoin ETF by assets, significantly contributed to this positive trend, alongside its ether equivalent, ETHA.
Interestingly, the previous outflow streak of eight weeks surpassed the earlier record of five consecutive weeks of net redemptions from Bitcoin ETFs. The withdrawal of nearly $9.5 billion over just two months captures the attention of both market participants and analysts.
#How Did Bitcoin Perform During This Time?
During this rebound period, Bitcoin’s price fluctuated within the range of $59,000 to $64,000. This stability likely provided comfort to institutional allocators, encouraging them to re-engage with the market.