Bitcoin ETFs End 15-Day Inflow Streak With $342.2 Million Outflow

US-traded spot Bitcoin exchange-traded funds (ETFs) have concluded a 15-day streak of positive net inflows, marking a significant shift in investor sentiment. The 15-day uninterrupted series of net inflows totaling $4.7 billion ended on Tuesday, July 2, with a net outflow of $342.2 million. This development indicates a pause in ETF demand rather than a complete reversal, suggesting that investors may be taking a cautious approach amid recent market movements.

BlackRock's IBIT, a prominent product in this category, experienced a notable change as it ended its 15-day trend of $3.8 billion in inflows, closing the day with zero net flows. The day’s highest outflow came from Fidelity’s FBTC fund of $172.7 million. Grayscale’s GBTC fund saw an outflow of $119.5 million, Ark Invest’s ARKB fund $27 million, and Bitwise’s BITB fund $23 million. This figure highlights the substantial capital that has exited these funds, signaling a potential shift in investor strategy.

Analysts have noted that the demand for Bitcoin ETPs has been positive, with US spot Bitcoin ETFs recording net inflows for 15 consecutive trading days. This period of sustained inflows reflects the growing interest and confidence in Bitcoin as an investment asset. However, the recent outflows suggest that investors may be reassessing their positions in light of market conditions and potential risks. The end of this inflow streak is further evidenced by the heavy $342.25 million in daily total net outflows recorded by spot Bitcoin ETFs.

According to BRN Chief Analyst Valentin Fournier, this shows that institutional accumulation is taking a break, but it does not mean that the trend is reversing. He noted that this situation weakens the chances of Bitcoin exceeding $110,000 without new catalysts. Launched in January 2024, US spot Bitcoin ETFs have generated a total net inflow of $48.9 billion to date. Since the beginning of the year, inflows have reached $13.5 billion, while total assets under management have reached $128 billion.

On the same day, spot Ethereum ETFs saw net inflows of $40.7 million. The largest contribution came from BlackRock’s ETHA fund: $54.8 million. This is the third consecutive day of net inflows for spot Ethereum ETFs, bringing the total to $150 million over the three days and $4.3 billion since launch. On Wednesday morning, the price of Bitcoin fell below $105,500 ahead of key economic data from the U.S., but has since recovered to around $107,800.

Markets are currently in a data-driven wait. Macro data like the July 3 jobless claims could be a game-changer. BRN’s Fournier, on the other hand, emphasized that Bitcoin’s consolidation in the $105,000 to $110,000 range constitutes a structurally bullish setup, and new regulatory clarity or institutional involvement could re-accelerate the rally. The end of the 15-day positive streak does not necessarily indicate a long-term trend but rather a temporary adjustment in investor behavior. The zero net flows in BlackRock's IBIT and the significant outflows in other spot Bitcoin ETFs point to a period of consolidation rather than a bearish sentiment. Investors may be waiting for clearer market signals before making further commitments to these funds.