US spot Bitcoin exchange-traded funds recorded their strongest daily inflows in more than three weeks on Thursday after attracting a combined $233.1 million despite weakness in the Bitcoin price.
BlackRock’s iShares Bitcoin Trust led the inflows with $183.4 million, accounting for approximately 78.7% of the daily total. Bitwise’s BITB followed with $20.7 million, while Fidelity’s FBTC recorded $15.5 million in net inflows. Several other Bitcoin ETFs attracted smaller amounts.
BTC ETF flows (Source: Farside Investors)
The latest figures pushed weekly Bitcoin ETF flows back into positive territory, with the funds now recording $203.84 million in net inflows for the week. Unless the ETFs suffer an outflow exceeding that amount on Friday, they are on course to register a fourth consecutive week of net inflows.
Bitcoin ETFs have also accumulated $437.8 million in net inflows during July. The positive monthly performance puts the funds on track to end a two-month streak of multibillion-dollar outflows.
Bitcoin Price Drops After Briefly Climbing Above $65,000
The renewed institutional demand failed to prevent weakness in the Bitcoin price over the past 24 hours. Bitcoin began the period trading at approximately $64,500 before climbing toward $65,000. BTC briefly surged above $65,200, but the rally was quickly rejected.
BTC’s price action over the past 24 hours (Source: CoinCodex)
The cryptocurrency subsequently fell below $64,500 and continued declining throughout the morning. Bitcoin traded near $63,700 at press time, which is a decline of roughly 1.3% over 24 hours.
The latest price action suggests that short-term selling pressure is still elevated despite improving demand for US spot Bitcoin ETFs.
Meanwhile, US spot Ethereum ETFs attracted $13.3 million in net inflows on Thursday. Ethereum ETFs recorded outflows during only five trading sessions in July, which is a massive improvement from June, when the funds registered net inflows on just four trading days.