Bitcoin ETF Inflows Hit Three-Week High Despite BTC Falling Below $64K
US Bitcoin ETF inflows hit a three-week high of $233. 1 million despite continued weakness in the Bitcoin price. US spot Bitcoin exchange-traded fundsrecordedtheir strongest daily inflows in more than three. . .
US Bitcoin ETF inflows hit a three-week high of $233. 1 million despite continued weakness in the Bitcoin price. US spot Bitcoin exchange-traded fundsrecordedtheir 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 weeklyBitcoin ETFflows 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-dollaroutflows. Bitcoin Price Drops After Briefly Climbing Above $65,000The 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 climbingtoward $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 ETFsattracted$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. ENRICH your inbox with our best storiesDon’t miss out and join our newsletter to get the latest,well-curated news from the crypto world!Danielle du ToitDanielle du Toit, a criminology honors graduate, has channeled her curiosity and analytical mindset into exploring the fascinating and ever-evolving world of cryptocurrency. Drawn to the dynamic nature of blockchain technology and its impact on global markets, Danielle thrives on uncovering insights in this complex industry. As a crypto journalist, Danielle is passionate about learning and sharing her knowledge with fellow enthusiasts. Her work combines a keen investigative eye with a love for storytelling, making even the most intricate aspects of crypto accessible and engaging. Through her writing, Danielle aims to inspire readers to delve deeper into the weird and wonderful realm of digital finance. Read more aboutBitcoinInvesting