Bitcoin ETFs Extend Inflow Streak to Six Days with $203 Million Added

US-listed spot Bitcoin exchange-traded funds (ETFs) have captured market attention by extending their net inflow streak to a sixth consecutive trading day. The latest session alone saw new capital injections totaling approximately $203.1 million, signaling sustained investor interest in these products. This period marks the longest uninterrupted inflow run witnessed since April.

According to SoSoValue data, the six-day inflow streak accumulated roughly $930 million in total fund flows. Daily inflows during this period reflected a gradual increase in market participants' risk appetite. Notably, BlackRock's iShares Bitcoin Trust (IBIT) accounted for the largest share in the July 21 trading session with $163.9 million, while Fidelity's Wise Origin Bitcoin Fund (FBTC) contributed $23.1 million and Invesco's Bitcoin Strategy ETF (BTCO) added $9.7 million. Grayscale Bitcoin Trust (GBTC) also registered a modest inflow of $6.5 million.

These inflows provided support to Bitcoin's price, with the cryptocurrency trading above $65,000 during the streak and briefly climbing to $66,700 on Tuesday. At the time of publication, Bitcoin was trading around $65,802. Broader crypto market sentiment also improved, causing the Crypto Fear & Greed Index to move from the “extreme fear” zone to “fear.” However, despite these positive flows, US spot Bitcoin ETFs still face a net outflow of $4.84 billion year-to-date.

While these fund inflows are interpreted as a sign of increasing institutional interest, the broader economic context also plays a crucial role. Recent surges in oil prices and escalating tensions in Iran have reignited inflation concerns, typically exerting pressure on risk assets. This situation led to an increase in Bitcoin dominance as investors rotated from altcoins to Bitcoin, indicating a risk-off positioning within the crypto market. Furthermore, regulatory developments, such as Russia's approval of a comprehensive crypto market law, could reduce market uncertainty and lower the regulatory risk premium affecting BTC valuations in institutional models.

Analysts suggest that Bitcoin needs to sustain its position above the $65,000 to $65,500 range to solidify a sustained uptrend. However, some market experts remain cautious, suggesting that the recent fund inflows might reflect an easing of selling pressure rather than a broad return of institutional demand. It is noted that weeks of consistent inflows at this pace would be required to offset the significant net outflows recorded year-to-date. Consequently, market participants will continue to closely monitor fund flows and Bitcoin's price movements in the coming period.