Bitcoin ETF inflows resume as Strategy discloses $8.2B quarterly loss
Macro & Markets ·
US spot Bitcoin funds snapped a brief run of outflows even as the largest corporate bitcoin holder absorbed a multibillion-dollar accounting hit.
Spot Bitcoin ETFs took in $48.2M on Thursday, building on $32.1M the prior day and marking an end to a short stretch of withdrawals. Spot Ether funds moved in the opposite direction, shedding $3.8M over the same session, a gap that suggests investors are currently favoring Bitcoin exposure over Ether within these products.
Separately, Strategy reported an $8.2B net loss for the second quarter, a figure tied to the decline in bitcoin's price and recorded under fair-value accounting rules, according to coindesk.com. Despite the paper loss, the company said its holdings now total 843,777 BTC, and that it has enough cash on hand to meet its preferred-stock dividend obligations for more than two years.
The dividend coverage disclosure follows scrutiny over how the firm funds payouts tied to its various preferred equity issuances, and marks a departure from a posture built almost entirely around accumulating bitcoin without touching reserves for cash needs, a shift detailed by theblock.co. That reserve buildup appears aimed at reassuring investors that dividend payments are secure even as bitcoin's price weighs on the balance sheet.
The flow reversal in Bitcoin ETFs was corroborated in the days that followed: net inflows reached $233M on July 30, with BlackRock's IBIT contributing $183M, while Ethereum funds logged a smaller $13.3M inflow the same day, a pattern also noted by wublockchain.xyz. Separate tracking for that date showed Solana and Hyperliquid ETFs recording no flows at all, underscoring how concentrated current institutional demand remains among a narrow set of assets.
Left unresolved is whether the renewed ETF inflows mark a durable shift in sentiment or a temporary bounce following the earlier outflow streak, and whether Strategy's quarterly loss will affect how analysts view its capital structure going forward. Also unclear is whether Ether ETFs will follow Bitcoin's rebound or continue to see comparatively muted demand in the sessions ahead.