Bitcoin ETFs Are Green Again—Here’s Why Investors Should Zoom Out
U.S. spot Bitcoin ETFs posted two straight weeks of net inflows for the first time since early May, taking in $75.7 million in the week ending July 17 after $197.4 million the week before. That added $273.1 million, but it barely offsets the more than $8.2 billion lost during eight consecutive weeks of outflows from mid-May to early July. Volatility remains high: one day last week saw $424.7 million withdrawn after geopolitical तनाव, before buyers returned later in the week. A key framing is that Bitcoin ETFs may resemble gold ETFs, especially GLD: both hold non-yielding stores of value whose prices depend heavily on investor sentiment. BlackRock’s IBIT briefly topped $100 billion in assets near Bitcoin’s all-time high, but Bitcoin has since fallen about half from peak levels. Citigroup also turned more cautious, cutting its 12-month Bitcoin target to $82,000 and lowering projected ETF inflows to zero. Total assets across all spot Bitcoin ETFs have fallen to $77.7 billion from over $106 billion.
