US Bitcoin ETFs See $79M Inflows After Eight Weeks of Outflows

Bitcoin ETFs in the US saw significant inflows on July 16, breaking an eight-week streak of outflows totaling over $8 billion. The largest and fastest-growing Bitcoin ETF, BlackRock's iShares Bitcoin Trust (IBIT), led the charge with net inflows of $79.15 million.

Meanwhile, Ethereum ETFs experienced a contrasting trend, with net outflows of $28.04 million on the same day. This divergence in investor interest between Bitcoin and Ethereum products suggests that investors may be cautiously re-engaging with Bitcoin, but still remain bearish on Ethereum.

The inflows into IBIT mark a potential shift from sustained institutional selling to a more cautious approach in the crypto ETF market. However, it's essential to note that Ethereum's continued outflows indicate an uneven recovery in the crypto ETF market.