Bitcoin ETFs Extend Losing Streak to Eight Weeks

The Bitcoin ETF sector has seen its eighth straight week of net outflows, shedding $527 million over four trading days ending July 2. This streak began in mid-May and marks the longest losing run since these funds launched. In June alone, more than $4 billion left Bitcoin ETFs, with year-to-date losses totaling $5.53 billion.

While Thursday saw a $221.7 million inflow into Bitcoin ETFs, breaking a 10-session outflow streak, it was not enough to save the week. Fidelity's fund led the rebound with $166 million in inflows, followed by ARK 21Shares and VanEck.

BlackRock's IBIT continued its losing run, bleeding roughly $2.2 billion over 11 straight trading days. The average investor in the fund is sitting on a loss of around 40%, according to previous reports.

The weaker-than-expected U.S. jobs data helped drive a rebound in Bitcoin price, which fell below $58,000 earlier in the week but recovered to around $63,150 by Saturday. CryptoQuant analysts cautioned that rising exchange deposits could point to more volatility ahead.