BlackRock’s IBIT fund accounted for the bulk of the withdrawals, contributing nearly $415 million of the total outflow amount.
U.S.-based spot bitcoin (BTC) exchange-traded funds (ETFs) have recorded three consecutive weeks of net inflows for the first time since early May.
The ETFs saw $33.79 million in net inflows during the week ending July 24. However, the weekly total was significantly reduced by heavy redemptions late in the period, including outflows of about $225.2 million on July 23 and $240.1 million on July 24, according to SoSoValue data.
The late-week selling pressure made this week’s inflow total the smallest of the current streak, following stronger inflows of $197 million and $75.67 million in the previous two weeks.
The data indicates that institutional interest in bitcoin has started to recover, but demand remains relatively weak compared with the strong accumulation typically seen during major bullish market cycles.
“After the significant outflows seen in May and June, July’s recovery period has brought some stability, but institutional participation remains cautious,” crypto research firm BRN said in an email to CoinDesk.
Bitcoin climbed to a monthly high above $66,500 on Tuesday before slipping below $64,000 by the end of the week. The pullback came as traders locked in profits and equity markets weakened, with the Nasdaq 100 pressured by declines in semiconductor shares, an important indicator for the artificial intelligence sector.
