Analysts have highlighted recent multiday inflows into U.S.-listed Bitcoin exchange-traded funds as a possible sign that institutional demand is returning. However, a broader look at the data reveals a less optimistic picture. According to SoSoValue, Bitcoin ETFs recorded a net inflow of just $205 million in July, the smallest monthly total in their history.
This figure represents a significant slowdown compared to the heavy outflows seen in the prior two months. May saw $2.43 billion exit the funds, and June brought an even larger outflow of $4.52 billion. Even with two trading days remaining in July, the recovery remains underwhelming when compared to historical benchmarks.
Ether ETFs Outperform Bitcoin Funds
In contrast to the sluggish performance of Bitcoin ETFs, Ether ETFs have fared better. SoSoValue reports that Ether ETFs have attracted $342.85 million in July, a figure that nearly matches April's inflow and clearly outperforms Bitcoin. This stronger performance aligns with Ether’s better price action against Bitcoin, particularly in the Binance-listed ether-bitcoin pair, which has risen 11% in July.
XRP and Solana ETFs have also experienced modest inflows this month, but the numbers are still relatively low. XRP ETFs are on track to see their fourth consecutive month of inflows at $13.61 million, while Solana ETFs have drawn $13.82 million. These figures reflect a limited appetite for smaller altcoin funds compared to their larger counterparts.
Bitcoin’s current price is hovering near the 200-week level of $63,300, a threshold Marex analysts describe as a key 'referee.' If the price holds above $62.5k, it could signal strength, but a drop below this level could push the price toward $60k, where bears are targeting liquidations. Despite the Federal Reserve’s recent 'hawkish hold' policy, Bitcoin has shown little movement in the past 24 hours.
core PCE inflation data and GDP figures, both of which often influence crypto markets. Treasury yields have already climbed sharply in response to the Fed's decision to keep interest rates steady. The 30-year bond yield has reached its highest level since July 2007, highlighting growing investor uncertainty about the path of monetary policy.
Meanwhile, the U.S. military has launched fresh strikes in Iran, escalating regional tensions in the ongoing five-month conflict. Oil prices have spiked sharply, marking their biggest jump in five months. Iran has warned of further escalation, raising concerns about the potential ripple effects on global markets.
In the U.S. political arena, bipartisan Senate lawmakers are working to finalize stricter ethics rules for Donald Trump’s crypto ventures. Their revised version of the Digital Asset Market Clarity Act includes provisions aimed at curbing potential conflicts of interest, which they hope will secure enough support to send the bill to the White House for signature.
Market structure studies have increasingly shown the influence of perpetual futures in shaping Bitcoin and Ether prices. These derivatives often serve as the first point of price discovery, signaling potential moves before they appear elsewhere in the market. A recent analysis by CoinDesk explored how these contracts, through their liquidity and leverage, can significantly impact crypto assets.
Finally, a new on-chain solution called Anvil is gaining attention. Built on a programmable letter of credit framework, Anvil allows users to lock up reserve assets as collateral without taking out a loan or paying interest. Users retain custody and yield while contributing to a shared collateral layer that supports trustless on-chain financial interactions.