Bitcoin ETFs See First Inflows in Weeks, But Stablecoin Liquidity Concerns Linger
US spot Bitcoin ETFs finally broke a 10-day outflow streak, pulling in $221.72 million on July 2. This marks the first positive day since mid-June, signaling potential easing of institutional selling pressure. However, shrinking stablecoin liquidity could cap any sustained recovery.
US spot Bitcoin ETFs saw their first positive day in over two weeks on July 2, snapping a 10-day outflow streak with $221.72 million in net inflows. This reversal comes after nearly $9 billion was pulled from these funds over the preceding two months, the deepest institutional pullback since their January launch. Glassnode reports that selling pressure is easing, suggesting the market is entering a consolidation phase. Price action reflected this tension, with BTC briefly dipping below $62,000 after a MicroStrategy sale disclosure before rebounding sharply. On-chain metrics show rising active addresses and transfer volumes, with the average ETF investor returning to profit. Yet, a contraction in stablecoin liquidity, down 3.6% for USDC and 2% for USDT over 30 days, casts a shadow. This lack of readily available capital could starve future ETF demand and turn July 2's inflow into a mere blip.