Bitcoin ETFs Surge as Institutional Demand Continues

US spot Bitcoin ETFs saw their strongest daily inflows in over three weeks on Thursday, despite the cryptocurrency's price weakness. The funds attracted a total of $233.1 million, with BlackRock's iShares Bitcoin Trust leading the charge at $183.4 million.

This surge in demand pushed the weekly total to $203.84 million, which is now in positive territory. July net inflows have also reached $437.8 million, marking a reversal of two months of heavy outflows.

The fact that ETF buying did not immediately lift the overall spot market suggests that institutional investors are still cautious about Bitcoin's price. However, the continued demand for these products indicates growing interest in cryptocurrencies from established financial institutions.