Exchange-traded funds (ETFs) tracking Bitcoin have slipped again, continuing their losing streak as investor sentiment cools.
- U.S.-listed Bitcoin ETFs have deepened their losses with another round of outflows.
- Bitcoin is hovering just below $118K, but analysts say momentum could return.
- Ethereum ETFs are still thriving, even as the asset’s price cools.
U.S.-listed spot Bitcoin ETFs saw $86 million in net outflows on July 23, according to SoSoValue data. It’s the third consecutive day of losses after snapping a 12-day inflow streak earlier this week.
Fidelity’s FBTC led the retreat with $227.2 million, while ARK and 21Shares’ ARKB and Bitwise’s BITB saw more modest losses of $9.8 million and $1.9 million, respectively.
In contrast, BlackRock’s IBIT bucked the trend with $142.6 million in inflows, partially offsetting broader losses. Grayscale’s GBTC also posted gains of $10.5 million, while the remaining seven issuers reported no activity.
Over the past three days, Bitcoin ETFs have shed approximately $285 million, marking a sharp reversal from the previous inflow streak. But the u-turn is not isolated, and comes as Bitcoin (BTC) continues to struggle.
BTC hovers under all-time high, can momentum return?
Bitcoin (BTC) is trading around $117,745 at press time, about 4.3% below its record high of $123,000. After a sharp run-up, the price has mostly moved sideways this past week. The stalled price action has raised questions about whether the recent rally is losing steam.
But most analysts aren’t calling a top just yet. According to Rekt Capital, the crypto king’s current state looks more like a healthy breather than 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 the analyst.
He explained that currently, BTC is retesting the previously broken Lower High resistance and the Range Low as support, a critical zone that could define the next move.
If these levels hold, it would confirm strength and likely pave the way for a continuation of the uptrend. Despite the weakness across the board, Rekt Capital emphasized that the current market structure remains bullish and that sentiment may be stronger than it looks.
Meanwhile, Ethereum ETFs are holding strong even as the Bitcoin-tied funds come under pressure.
ETH ETFs extend winning streak
On the same day, ETH-tied ETFs logged $331 million in inflows, marking their 15th consecutive day of gains. Led by BlackRock’s ETHA, the funds have rebounded after months of underperformance, benefiting from Ethereum’s recent price surge to multi-month highs.
Collectively, the spot Ether ETFs have logged over $4.44 billion since commencing their uptrend in the past week, marking their highest ever seen.
But Ethereum (ETH) is also starting to show signs of fatigue. At press time, ETH trades just above $3,540, down about 4.2% on the day, and 8% from its highest point this week.