U.S. spot Bitcoin ETFs posted $75.7 million in net inflows for the week ending July 17, marking a second consecutive green week after eight straight weeks of outflows totaling more than $8.2 billion. The two-week recovery brought total net gains to $273.1 million across the 13 funds, according to SoSoValue data. The inflow streak follows a period from mid-May through early July when investors pulled capital from the funds, with June recording approximately $4.5 billion in exits—the worst single month since the products launched in January 2024. The $273.1 million recovered represents roughly 3.3% of the $8.2 billion withdrawn during the eight-week outflow period.
The prior week saw $197.4 million in net inflows, bringing the combined two-week total to $273.1 million. Net inflows indicate that money entering the funds exceeded money exiting during the measured period. The 13 U.S. spot Bitcoin funds hold Bitcoin on behalf of investors, eliminating the need for individual wallet management.
Bitcoin ETFs Record $424.7 Million Single-Day Withdrawal After U.S.-Iran Escalation
On Monday during the latest green week, $424.7 million left the funds in a single day—the largest one-day withdrawal since June 26. The outflow occurred after renewed U.S.-Iran military escalation rattled markets. Investors reversed course over the following four days, with the funds closing the week in positive territory.
The combined $77.7 billion in total net assets across all 13 spot Bitcoin ETFs is down from over $106 billion recorded just before the outflow streak began in mid-May. BlackRock's IBIT has sold close to 100,000 BTC in recent months to meet redemptions, leaving it with just over 733,000 BTC under management. IBIT briefly crossed $100 billion in assets last October, coinciding almost exactly with Bitcoin's all-time high above $126,000. Bitcoin currently trades near $64,000.
Bloomberg Analyst Publishes Gold ETF Framework for Bitcoin ETF Investors
Bloomberg Intelligence senior ETF analyst Eric Balchunas published a framework on July 17 comparing Bitcoin ETFs to the 22-year history of gold ETFs. Balchunas identified GLD—the first gold ETF listed on a U.S. exchange—as the closest roadmap for Bitcoin ETF investors. Both Bitcoin and gold function as non-yielding stores of value that do not pay dividends, generate earnings, or carry government guarantees.
GLD became popular enough to briefly surpass SPY—the largest stock market ETF in the world—to become the biggest ETF on the planet for a single day in 2011. The fund then spent eight years attempting to return to that level. Balchunas wrote that Bitcoin ETFs may follow the same pattern: "spectacular gains, painful drawdowns and recoveries that may test investors' patience." He described the process as "two steps forward, one step back" while noting that the timeline can exceed most investors' expectations.
Citigroup Cuts Bitcoin Price Target and Resets ETF Inflow Projections to Zero
Citigroup cut its 12-month Bitcoin price target from $112,000 to $82,000 on July 1. The bank reset its projected ETF inflows for the next year to zero, down from an earlier estimate of $10 billion. Citigroup cited negative flows, stalled U.S. crypto legislation, and weakening institutional appetite as reasons for the adjustment.
FAQ
What did U.S. spot Bitcoin ETFs record for the week ending July 17?
U.S. spot Bitcoin ETFs posted $75.7 million in net inflows for the week ending July 17, marking a second consecutive green week after eight straight weeks of outflows totaling more than $8.2 billion, according to SoSoValue data.
Why did Bitcoin ETFs experience a $424.7 million single-day withdrawal on Monday?
The $424.7 million single-day withdrawal on Monday—the largest one-day outflow since June 26—occurred after renewed U.S.-Iran military escalation rattled markets. Investors reversed the trend over the following four days, closing the week with net inflows.
How does the gold ETF history relate to Bitcoin ETF performance?
Bloomberg Intelligence senior ETF analyst Eric Balchunas published a framework on July 17 comparing Bitcoin ETFs to the 22-year history of gold ETFs, specifically GLD. Both assets function as non-yielding stores of value, making GLD's pattern of spectacular gains followed by painful drawdowns and recoveries a potential roadmap for Bitcoin ETF investors.
