ETF Surge Can't Lift BTC as Price Dips Below $63K

The tide has turned for Bitcoin ETFs, which saw a significant influx of funds on July 30. The U.S. spot ETFs recorded $233.1 million in net inflows, led by BlackRock's IBIT, which accounted for nearly 80% of the total daily inflow with $183.4 million.

However, despite this surge in institutional demand, the price of Bitcoin has fallen below $63,000. The cryptocurrency dropped 2.59% over 24 hours to around $63,081.

The contrast between the positive ETF news and the declining BTC price has left investors wondering why institutions are buying up Bitcoin while its value is slipping.

One possible explanation is the announcement by Strategy, one of the largest corporate Bitcoin holders, which plans to raise $5 billion. This could lead to increased selling pressure on the market.