Spot Ethereum ETFs recorded $104M in weekly net inflows, extending a three-week positive streak alongside gains in Bitcoin and other asset ETFs.
Macro & Markets ·
U.S. spot Bitcoin ETFs posted net outflows totaling $465 million over two consecutive days, reversing a seven-day inflow streak of roughly $1 billion, with BlackRock's IBIT fund accounting for just under $415 million of the decline. The outflows occurred on Thursday and Friday, erasing nearly half of the gains from the preceding week, though the ETFs finished the week slightly positive at roughly $34 million net.
Analysts attributed the reversal to macroeconomic headwinds including renewed U.S.-Iran tensions, oil prices climbing above $100, and mounting expectations of a Federal Reserve rate hike. Tim Sun, Senior Researcher at HashKey, characterized the inflow streak as "tactical, phased allocations" lacking conviction, suggesting that heavy outflows from IBIT—the large, liquid vehicle institutions typically use to adjust exposure—signal active reduction in short-term Bitcoin positions. The pullback extended beyond crypto, with U.S. stock and bond funds also posting outflows in the same period.
Bitcoin trading near $65,300 faces an immediate test with the Fed's rate decision scheduled for July 29, when markets will assess whether further hikes materialize. Some analysts contend that Bitcoin's rally lacks a "firm foundation" without sustained macro stabilization, though others suggest current price levels may represent a cycle bottom if the Fed refrains from additional increases.