After a lengthy period of losses, spot Bitcoin ETFs have finally seen a turnaround, attracting $197.4 million in inflows during the week of July 6 10. This marks the end of an eight-week streak of withdrawals that had seen billions evaporate from these funds, according to data from analytics platform SoSoValue.
The latest inflows signal a shift in market sentiment, as the negative trend had been weighing heavily on the sector. Over the eight weeks of continuous outflows, a staggering $8.26 billion was pulled from US spot Bitcoin ETFs, with the largest single-week withdrawal of $1.79 billion occurring between June 22 and 26.
Market Recovery Signs
As of July 10, Bitcoin was trading around $63,917, a significant drop from its earlier spring highs. The total net assets for spot Bitcoin ETFs now stand at $77.42 billion, although this figure remains below previous peaks. Despite the recent positive inflow, it represents just a small recovery compared to the losses incurred during the prior weeks.
In addition to Bitcoin, other cryptocurrency ETFs also experienced varied results. Ethereum ETFs led the altcoin charge, bringing in $84.42 million in inflows, while smaller amounts flowed into Solana, Chainlink, and Hedera ETFs. However, some funds like XRP and Litecoin ETFs continued to see outflows, showcasing a mixed picture across the cryptocurrency landscape.
- Ethereum spot ETFs: $84.42 million
- Solana ETFs: $930,430
- Chainlink ETFs: $639,940
- Hedera ETFs: $1.01 million
- HYPE-focused funds: $10.36 million
As most tracked spot cryptocurrency ETFs end the week on a positive note, Bitcoin and Ethereum continue to dominate new investments.
This article is for informational purposes only and should not be considered financial advice.
