Bitcoin ETFs Record First Net Outflows Since July 13
US-listed spot Bitcoin exchange-traded funds (ETFs) recorded their first net outflows in over a week on Thursday, July 24. The $225.2 million in redemptions marked an end to a seven-session streak of inflows that had seen nearly $1 billion pour into the funds. Despite this dip, the weekly total for Bitcoin ETF flows remained positive at around $274 million through Thursday.
The reversal came as Bitcoin itself dipped below $65,000 on Thursday, reaching a low of $64,600 before recovering to $65,403 by publication time. Market sentiment also softened, with the Crypto Fear & Greed Index falling three points to 28, keeping it firmly in the 'fear' zone.
Bitcoin would need to break and hold above the $65,000, $65,500 range to strengthen its case for a sustained uptrend, according to XS.com's Head of Business Development Simon-Peter Massabni. However, Bitcoin ETF inflows pointed more toward easing selling pressure than confirming broad institutional demand.