The numbers tell a sobering story. Bitcoin spot ETFs pulled in just $205 million in net inflows during July — the lowest monthly total since the funds launched. While analysts have spent the month pointing to isolated multiday inflow streaks as evidence of returning institutional demand, the broader picture remains bleak.
The anemic July figure follows two consecutive months of heavy red ink: $2.43 billion exited bitcoin ETFs in May and $4.52 billion in June. With only two trading days left in the month, even a strong finish would not meaningfully change the narrative.
Ether Outperforms
Ether has fared notably better. ETH ETFs attracted $342.85 million in July, nearly matching April's total and outpacing bitcoin on a relative basis. The Binance-listed ether-bitcoin pair has surged 11% this month, consistent with the stronger ETF flow data.
XRP ETFs are on track for a fourth consecutive month of inflows, though the sum remains modest at $13.61 million. Solana ETFs sit at $13.82 million. Together, the numbers across all four major crypto ETF products paint a picture of limited institutional appetite at best.
Key Levels to Watch
Bitcoin's 200-week moving average near $63,300 has emerged as the critical reference point. Holding above it reads as strength given the macro headwinds. A break below $62,500 would give bears a clear path toward $60,000, a level that would likely trigger another wave of forced selling.
Volatility may pick up later today with the release of the U.S. core PCE inflation data, which could shift expectations around the Federal Reserve's next move. Bitcoin ETFs had already been on a four-session outflow streak heading into the Fed decision, and Wednesday's hawkish hold did little to reverse the trend.
