Bitcoin ETFs reported a net inflow of $75.5 million, continuing a positive trend for the second week in a row, led by BlackRock's IBIT.
Between July 13 and 17, spot Bitcoin ETFs experienced a net inflow of $75.5 million, marking their second consecutive week of gains, according to data from SoSoValue.
Leading this growth was BlackRock's IBIT, which attracted a substantial $204.1 million. In contrast, Fidelity's FBTC saw the largest outflow, totaling $181.1 million.
During the same timeframe, Ethereum funds mirrored Bitcoin's success with inflows of $105.5 million, primarily driven by BlackRock's ETHA, which generated $135.3 million.
Despite the stock market facing challenges amid rising U.S.-Iran tensions, the crypto sector remains resilient. Eric Balchunas, a senior ETF analyst at Bloomberg, noted that Bitcoin ETFs could exhibit a pattern akin to gold ETFs, with phases of increased interest potentially followed by sharp declines and stagnation.
“Both assets are wrappers for non-yielding stores of value,” Balchunas stated, highlighting the sensitivity of such products to investor sentiment due to the lack of cash flow from the underlying assets.
Moreover, Glassnode indicated that Bitcoin holders have largely ceased realizing losses, a trend that historically precedes bullish market phases.
