Bitcoin ETFs record six-week inflow streak, topping over $10b in net additions

U.S. spot Bitcoin ETFs are showing no signs of slowing down, having recorded a sixth consecutive week of strong inflows, while BTC flirts with the $120,000 mark.

According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded $2.39 billion in net inflows over the past week, extending their inflow streak to six consecutive weeks, during which they have attracted a total of $10.5 billion into the funds.

These products have now accumulated $54.75 billion in net inflows since launch and now collectively hold $152.4 billion worth of Bitcoin, approximately 6.5% of the total Bitcoin market cap.

The week from July 14-18 began with $297.4 million in net inflows on Monday, followed by $403 million on Tuesday, $799.4 million on Wednesday, $522.6 million on Thursday, and culminating in $363.45 million in inflows on Friday.

BlackRock’s IBIT attracted the lion’s share of net inflows over the week, with $2.57 billion entering the fund. Grayscale’s BTC and VanEck’s HODL followed with $41.9 million and $31 million in net inflows, respectively.

Other funds, including Bitwise’s BITB, Invesco’s BTCO, Franklin Templeton’s EZBC, and WidomTree’s BTCW, added another $35 million in combined inflows. These were partially offset by outflow from Grayscale’s GBTC, ARK 21Shares’s ARKB, and Fidelity’s FBTC, which saw collective outflows of $290.8 million.

Meanwhile, the nine-spot Ethereum funds recorded $2.18 billion in net inflows over the past week, representing a 140% increase from the previous week and marking their strongest inflow week since launch. More importantly, these ETFs have now hit their 10th week of straight inflows that drew in over $5 billion into the funds.

Commenting on the recent performance of both U.S. ETF products, market commentator Nate Geraci noted that spot BTC and ETH ETFs have now taken in nearly $25 billion this year.

While both Bitcoin and Ethereum ETFs have attracted strong institutional investment in recent weeks, their performance over the past week has been quite contrasting.

Ethereum (ETH) rose 25% over the last 7 days, returning above $3,800 for the first time since December last year. On the contrary, BTC’s (BTC) price has fallen 2.2% during the same period, as its price action remains subdued by selling pressure as traders began locking in gains around all-time highs. 

At the moment, many analysts expect Bitcoin to tread sideways as much of the market liquidity seems to be flowing into altcoins, with Ethereum leading the charge. (See below.)