Bitcoin’s rally past $123,000 this week is being driven by a surge in institutional demand, with spot ETF inflows topping $4 billion in July alone.
The price jump, from $105,000 at the start of the month to a record high on Monday, reflects growing confidence from both retail and institutional investors.
The total market cap of spot Bitcoin ETFs is now approaching $150 billion, reflecting the scale of capital flowing into these vehicles since their January 2024 launch. BlackRock’s iShares Bitcoin Trust (IBIT) alone holds over $83 billion, making it the dominant player in the sector.
Spot Bitcoin ETFs saw over $4 billion in inflows during July alone, the strongest monthly surge since the products launched, according to Farside Investors data. More than $2.2 billion flowed in last Thursday and Friday, led by BlackRock’s IBIT, which captured $1.35 billion across both days.
Bitcoin was last trading around $117,700. With demand rising and ETF flows accelerating, analysts say a move toward $140,000 in the coming months remains in play.