While monthly inflows remained subdued, July represented a recovery from the outflows seen in May and June.
- Bitcoin ETFs saw only $205 million in monthly inflows for July, marking a record low for the products since launching in 2024.
- Hyperliquid ETFs reversed recent momentum with July outflows after strong inflows during May and June.
- Ethereum ETFs attracted approximately $342.85 million in July, outperforming Bitcoin and other major crypto funds.
Bitcoin (BTC) held steady before the $65,000 mark on Thursday, despite slowing demand for spot exchange traded funds (ETFs), helped by U.S. equities moving higher following strong results from Microsoft (MSFT).
Bitcoin spot ETFs recorded just $205 million in net inflows in July, marking the weakest monthly inflow total since the products launched, according to data from SoSoValue. However, the uptick marks a recovery from the $2.43 billion of outflows in May and $4.52 billion in June.
Bitcoin’s price edged 0.5% higher in the last 24 hours, trading at around $64,800 at the time of writing. On Stocktwits, retail sentiment around BTC remained in ‘bearish’ territory over the past day.
The apex cryptocurrency has fallen around 26% so far this year and is trading nearly 50% below its record high of over $126,000 seen in October last year.
HYPE ETFs See Reversal After Strong Launch
On the other side, Hyperliquid (HYPE) ETFs saw a trend reversal with $13.33 in monthly outflows after inflows of over $161 million in June and $132 million in their debut month of May.
HYPE’s price fell over 2% in the last 24 hours, sliding lower for a third consecutive day, to around $53. The altcoin is now trading over 30% below its record high of over $76, seen just last month.
Ethereum ETFs Outpace Bitcoin Funds In July
While Bitcoin ETF demand slowed, Ethereum (ETH) funds attracted $342.85 million in July, almost as much as in April. They outperformed Bitcoin and other crypto funds. XRP (XRP) ETFs are on track for a fourth consecutive month of inflows, while Solana ETFs saw inflows of around $13.82 million.
Ethereum and Solana edged 0.8% higher in the last 24 hours. Ethereum’s price traded at around $1,900, while Solana’s price traded at around $74. XRP’s price moved around 0.4% higher to $10.80.
The overall cryptocurrency market held steady at around $2.29 trillion on Thursday morning, barely moving in the past 24 hours, despite the Fed delivering what some analysts described as a “hawkish” hold that might have argued for a decline.
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