Bitcoin ETF Influx Can't Lift Price Amid Institutional Selling Pressure

Bitcoin's price has dropped below $63,000 despite institutional investors stepping back into the market. U.S. spot Bitcoin ETFs saw a significant influx of $233.1 million on July 30, led by BlackRock's IBIT with $183.4 million in inflows.

This is a notable turnaround for the funds, which had faced heavy selling pressure earlier in the week. On July 23 and 24, ETFs recorded outflows of $225.1 million and $240.1 million, respectively. However, by July 30, investors had returned to buy Bitcoin, with Bitwise's BITB adding $20.74 million and Fidelity's FBTC contributing $15.50 million.

Grayscale's GBTC also saw a reprieve from outflows on July 30, although it is worth noting that strategy, one of the largest corporate Bitcoin holders, has announced plans to raise $5 billion, which could potentially lead to increased selling pressure.