Spot Bitcoin exchange-traded funds traded in the US recorded net inflows of $197.4 million in the week ending Friday. Thus, the eight-week weekly release series that has been going on since May has ended. The data indicated that there may be a sign of recovery, albeit limited, in corporate demand after two months of sales pressure.
BlackRock was the focus of entries
The majority of weekly inflows were concentrated in BlackRock’s iShares Bitcoin Trust ETF, according to data from Farside Investors. The fund received $291.9 million in inflows during the same period. On the other hand, outflows were seen on the Grayscale Bitcoin Trust ETF, Fidelity Wise Origin Bitcoin Fund and ARK 21Shares Bitcoin ETF.
BlackRock is among the world’s largest asset management companies. The company’s iShares brand stands out in the global ETF market with its wide range of products.
Markus Thielen, founder and CEO of 10x Research, states that in recent months, Bitcoin has generally shown a stronger performance in the first half of the month, while a horizontal course stands out in the second half.
Analysts remain cautious
Although some analysts in the market welcome the end of the eight-week breakout streak, they are cautious about whether this indicates a permanent change in direction. It is considered that money movements on the ETF and stablecoin side are still weak, and seasonal trends seen in August and September may pressure the market.
Markus Thielen points out that despite the increase in Bitcoin exceeding 9 percent, fund flows have not strengthened significantly. According to Thielen, this picture shows that headwinds continue in the short term.
The weekly net inflow of $197.4 million was limited compared to the total outflow of $8.26 billion seen since mid-May.
| Presence | Weekly net flow | Total net outflow since May 11 |
|---|---|---|
| Spot Bitcoin ETF | $197.4 million entry | $8.26 billion outflow |
| Spot Ether ETF | $84.42 million entry | $1.2 billion exit |
A similar picture occurred in Bitcoin and Ether funds
Real Vision chief crypto analyst Jamie Coutts said that technical indicators point to a weakening of selling pressure and that Bitcoin may be approaching the final chapter of the bear market. However, Coutts emphasized that the downward cycle is not completely over.
Jamie Coutts stated that most of the harshest bear movements in the market may be behind us, but the process is not yet completed and the second half of the cycle seems to be approaching.
On the other hand, there are those who expect a more negative scenario. Hilbert Capital investment director Russell Thompson argues that Bitcoin is still in a bearish cycle and bottoms could be seen around October this year.
U.S.-traded spot Ether ETFs also broke an eight-week losing streak in the same week. These funds saw net inflows of $84.42 million in the week ending Friday. BlackRock and Fidelity products led the movement in Ether funds. However, this figure was limited compared to the net outflow of 1.2 billion dollars recorded since May 11.
