The U.S.-listed spot bitcoin exchange-traded funds (ETFs) have logged their first three-week inflows streak since early May.
These funds attracted $33.79 million in the week ended July 24. That figure would have been much bigger had it not been for net outflows of around $225.2 million and $240.1 million on July 23 and 24 respectively, according to data tracked by SoSoValue.
These late-week outflows also make the total weekly figure the smallest compared to the previous two weeks of inflows of $197 million and $75.67 million.
The story, therefore, is that institutional demand has returned, but it’s anemic and not as powerful as typically observed during bull runs.
“After May and June’s heavy outflows, July’s repair phase has brought relief, but institutional demand is still cautious,” crypto analytics firm BRN said in a email to CoinDesk.
Bitcoin rallied to a July high of over $66,500 on the Tuesday, before retreating below $64,000 by the end of the week, amid profit-taking and weak action in the stock market with the Nasdaq 100 pulled down by chipmaker stocks, a bellwether for the AI industry.