U.S.-listed spot Bitcoin (BTC) exchange-traded funds (ETFs) have posted their third consecutive week of inflows after experiencing massive outflows during June of this year.
It is the first three-week streak of inflows for Bitcoin ETFs since early May.
A dozen funds listed in the U.S. attracted $33.79 million U.S. of net inflows for the week ended July 24, according to data from SoSoValue.
In the two previous weeks, the spot Bitcoin inflows attracted $197 million U.S. and $75.67 million U.S. of inflows, respectively.
Analysts credit the three weeks of net inflows to institutional demand returning, albeit at a softer pace than in the past.
In June, Bitcoin ETFs saw net outflows of $4.5 billion U.S. as the price of BTC fell to $58,000 U.S., its low for the year, and institutional investors pulled out of the ETFs.
But now, Bitcoin ETFs are again attracting capital, helping to push the price of the largest cryptocurrency back above $65,000 U.S. over the last week.
Bitcoin and other cryptocurrencies have held up well over the past week despite a sharp selloff in technology stocks and a two-week losing streak for U.S. equity markets.
BTC hit an all-time high of just over $126,000 U.S. last October.
