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Bitcoin ETFs Extend Losing Streak
Exchange-traded funds (ETFs) tracking Bitcoin have experienced another sharp setback, marking their third consecutive day of net outflows as investor sentiment weakens. On July 23, U.S.-listed spot Bitcoin ETFs witnessed a combined $86 million in net outflows, according to SoSoValue data.
This decline follows the abrupt end of a 12-day inflow streak, signaling a sudden shift in market sentiment. Fidelity’s FBTC led the retreat with $227.2 million in outflows, while ARK 21Shares’ ARKB and Bitwise’s BITB saw smaller losses of $9.8 million and $1.9 million, respectively.
Interestingly, BlackRock’s IBIT broke the negative trend, recording $142.6 million in inflows, partly balancing out the broader retreat. Similarly, Grayscale’s GBTC posted gains of $10.5 million, while seven other ETF issuers reported no activity.
Over the last three sessions, Bitcoin ETFs have shed nearly $285 million, reflecting a sharp reversal from the bullish inflows that dominated the previous week. This shift correlates with Bitcoin’s price consolidation under its record high of $123,000.
BTC Struggles Below All-Time High
At press time, Bitcoin (BTC) is trading around $117,745, approximately 4.3% below its all-time high of $123,000. The cryptocurrency’s recent surge has stalled, with price action moving largely sideways over the past week.
This stagnation has prompted speculation on whether Bitcoin’s rally is losing momentum. Analysts, however, remain cautiously optimistic. Rekt Capital, a well-known crypto market analyst, argues that the current pause is a “healthy breather” rather than the start of a full reversal.
“Bitcoin will retrace deep enough to convince you that the Bull Market is over. And then it will resume its uptrend,” said Rekt Capital.
The analyst noted that BTC is currently retesting a key support zone, comprising the previously broken Lower High resistance and Range Low. If these levels hold, it would confirm strength and set the stage for another leg up in the bullish trend.
Despite the recent pullback, many analysts believe the long-term market structure remains intact, and BTC’s next move could be dictated by broader macroeconomic factors, institutional inflows, and ETF demand.
Ethereum ETFs Outshine Bitcoin Funds
While Bitcoin ETFs face selling pressure, Ethereum ETFs are thriving, continuing a strong run of 15 consecutive days of inflows. On July 23, ETH-linked ETFs recorded $331 million in inflows, spearheaded by BlackRock’s ETHA.
This surge marks a dramatic turnaround for ETH ETFs, which had underperformed for several months before Ethereum’s price recovery fueled renewed interest. Since last week, spot Ether ETFs have collectively logged over $4.44 billion, their highest recorded inflows in history.
At press time, Ethereum (ETH) is trading abovebtc-etfs-losses-under-120k $3,540, down 4.2% on the day and roughly 8% from its recent high this week. The pullback reflects profit-taking by traders, but sentiment around Ethereum remains bullish, particularly given its growing role in DeFi, staking rewards, and layer-2 scaling solutions.
The ongoing divergence between Bitcoin and Ethereum ETFs highlights a potential shift in investor preferences as capital rotates towards ETH amid optimism around Ethereum’s roadmap, upcoming upgrades, and institutional adoption.
Can BTC Regain Momentum Soon?
The big question for traders is whether Bitcoin can reclaim the $120K level and resume its upward momentum. Historically, BTC rallies have often included short-term pullbacks or consolidations, which allow the market to reset before the next push higher.
If ETF inflows return, particularly from institutional giants like BlackRock and Fidelity, Bitcoin could quickly retest and surpass its $123,000 all-time high. On-chain data suggests that long-term holders remain strong, indicating that fundamentals remain bullish.
Moreover, with Ethereum ETFs continuing to attract billions, the broader crypto market sentiment remains positive, suggesting that Bitcoin’s correction might be temporary rather than a sign of a deeper downturn.
Final Thoughts
The crypto market is currently at a crossroads. While Bitcoin ETFs have posted three days of losses, the broader picture still points to long-term strength, especially with Ethereum ETFs achieving record inflows. Traders are closely watching key support zones for BTC, as a bounce could ignite another bullish wave.
As both Bitcoin and Ethereum remain under the spotlight, ETF trends, institutional demand, and macro factors will play critical roles in determining the next major market move.