Bitcoin ETFs See Third Straight Week of Inflows Amid Cautious Institutional Demand

The U.S.-listed spot Bitcoin exchange-traded funds (ETFs) have seen their first three-week streak of inflows since early May, according to data from SoSoValue.

The funds attracted $33.79 million in the week ending July 24, but this figure would have been much higher had it not been for net outflows of around $225.2 million and $240.1 million on July 23 and 24 respectively.

This indicates that institutional demand has returned to the market, albeit cautiously. In fact, crypto analytics firm BRN noted that 'after May and June's heavy outflows, July's repair phase has brought relief, but institutional demand is still cautious.'

The Bitcoin price rallied to a July high of over $66,500 on Tuesday before retreating below $64,000 by the end of the week amid profit-taking and weak action in the stock market.