Exchange-traded funds (ETFs) tied to Bitcoin extended their slide, marking a third consecutive day of losses as investor sentiment softens.
On July 23, U.S.-listed spot Bitcoin ETFs recorded $86 million in net outflows, according to SoSoValue data. This continued a losing streak that began after breaking a 12-day run of inflows earlier this week.
Fidelity’s FBTC led the outflows with $227.2 million pulled from the fund. ARK and 21Shares’ ARKB and Bitwise’s BITB also saw smaller losses of $9.8 million and $1.9 million, respectively.
However, not all funds moved in the same direction. BlackRock’s IBIT attracted $142.6 million in new investments, partially offsetting the broader outflows. Grayscale’s GBTC also saw a modest gain of $10.5 million, while the remaining seven issuers reported no net changes.
In total, Bitcoin ETFs have seen about $285 million in outflows over the past three days, signaling a sharp shift from the earlier streak of inflows—mirroring Bitcoin’s ongoing struggle to regain momentum.
BTC hovers under all-time high, can momentum return?
Bitcoin (BTC) is trading near $117,745 at press time, down about 4.3% from its all-time high of $123,000. After a strong rally, the price has largely moved sideways over the past week, prompting speculation about whether the recent surge is running out of steam.
However, most analysts aren’t sounding the alarm just yet. Crypto strategist Rekt Capital believes the current price action reflects a healthy consolidation rather than a full-blown reversal.
“Bitcoin will retrace deep enough to convince you the bull market is over—then resume its uptrend,” the analyst said. He noted that BTC is currently retesting a key support zone formed by the previously broken Lower High resistance and the Range Low. If this area holds, it could signal continued strength and set the stage for a fresh leg up.
Despite broader market weakness, Rekt Capital maintains that the overall market structure remains bullish and that sentiment may be stronger than it appears.
Meanwhile, Ethereum ETFs have remained resilient, even as Bitcoin-linked funds face mounting pressure.
Ethereum ETFs continue their winning streak
On the same day, Ethereum-linked ETFs saw $331 million in inflows, extending their winning streak to 15 consecutive days. The surge was led by BlackRock’s ETHA, as the funds continue to rebound following months of underperformance, boosted by Ethereum’s recent rally to multi-month highs.
In total, spot Ether ETFs have attracted over $4.44 billion since the uptrend began last week—marking their strongest inflow streak to date.
However, signs of exhaustion are beginning to emerge. At press time, Ethereum (ETH) is trading just above $3,540, down around 4.2% on the day and roughly 8% below its weekly peak.
