Spot bitcoin listed in the US Exchange-traded funds (ETFs) have recorded their first three-week streak of capital inflows since early May.
These funds attracted $33.79 million in the week ending July 24. That figure would have been much higher if not for net outflows of about $225.2 million and $240.1 million on July 23 and 24 respectively, according to data tracked by SoSoValue.
These late-week outflows also make the total weekly figure the smallest compared to the previous two weeks of inflows of $197 million and $75.67 million.
The story, therefore, is that institutional demand has returned, but it is anemic and not as powerful as typically seen during bull runs.
“After strong capital outflows in May and June, the July repair phase has brought relief, but institutional demand remains cautious,” crypto analytics firm BRN said in an email to CoinDesk.
Bitcoin rose to a July high of over $66,500 on Tuesday, before retreating below $64,000 at the end of the week, amid profit-taking and weak stock market action with the Nasdaq 100 brought down by shares of chipmakers, a bellwether for the artificial intelligence industry.
