Sharp Reversal in ETF Flows
U.S. spot Bitcoin ETFs recorded a net inflow of approximately $181 million on July 15, swinging sharply from the $425 million outflow the previous day, according to data compiled by market sources. The reversal underscores the volatile sentiment currently driving the crypto ETF market. Ethereum ETFs also saw inflows of about $58 million on the same day.
BlackRock Leads the Charge
The inflow was led by BlackRock's iShares Bitcoin Trust (IBIT), which accounted for the bulk of the inflow at $139 million. Fidelity's FBTC added another $21 million. Notably, no Bitcoin ETF reported outflows on the day, suggesting a rapid recovery in investor confidence after the previous day's massive redemptions. In the Ethereum ETF space, BlackRock's ETHA captured the entire $58 million inflow, while other products saw no net change.
Price Rally Coincides with Inflows
The fund flows coincided with a price rally: Bitcoin rose about 4% and Ethereum climbed 6% on the day, marking one of the largest single-day gains in recent weeks. The pattern reaffirms the price-flow correlation, where rising prices stimulate ETF inflows. Total assets under management for Bitcoin ETFs rebounded to $78 billion, up from $75 billion, while Ethereum ETFs crossed the $10 billion mark.
July Shows No Clear Trend
Despite the sharp turnaround, July has been characterized by a lack of direction. Flows have alternated between inflows and outflows almost daily, with no sustained trend lasting more than three days. The $425 million outflow on July 13 was the largest for the month, and the latest inflow is the second largest, highlighting the market's indecision. Analysts suggest that the market remains in a pre-trend phase, with fund flows sensitive to short-term price movements, likely sustaining a volatile environment.