BlackRock’s IBIT ETF was responsible for the majority of the selling pressure, accounting for almost $415 million of the total outflows.
U.S.-listed spot bitcoin (BTC) exchange-traded funds (ETFs) have achieved their first three-week streak of net inflows since early May.
The funds recorded $33.79 million in net inflows during the week ending July 24. However, the figure was significantly impacted by late-week redemptions, with investors pulling out approximately $225.2 million on July 23 and another $240.1 million on July 24, according to SoSoValue data.
The sharp withdrawals toward the end of the week left the latest inflow total as the weakest in the three-week run, following inflows of $197 million and $75.67 million in the prior two weeks.
The overall trend suggests institutional appetite for bitcoin has begun to recover, but the renewed demand remains limited compared with the stronger accumulation patterns typically seen during major bull markets.
“Following the heavy ETF outflows in May and June, July has marked a recovery phase, offering some relief, though institutional demand remains cautious,” crypto analytics firm BRN said in an email to CoinDesk.
Bitcoin climbed above $66,500 on Tuesday to reach a July high before retreating below $64,000 by the end of the week. The decline was driven by profit-taking and weakness in equity markets, with the Nasdaq 100 weighed down by falling semiconductor stocks, a key gauge for the artificial intelligence sector.
