$205M for the whole month — Bitcoin ETFs are on track for the smallest inflows ever

Bitcoin spot ETFs pulled in just $205 million in net inflows for all of July — according to SoSoValue, that's the lowest monthly total since these funds launched. For context, Bitcoin funds saw $2.43 billion in outflows in May, and a record $4.52 billion in outflows in June — so technically July's numbers are an improvement, but $205 million for an entire month is a barely-there positive signal after two months of collapse, CoinDesk notes.

• Ethereum ETFs took in $342.85 million in July — more than Bitcoin funds, and roughly on par with April's levels
• XRP ETFs pulled in $13.61 million — a fourth straight month of inflows
• Solana ETFs gathered $13.82 million
• Bitcoin's Bollinger Bands have narrowed to their tightest since January — a pattern the market usually reads as a sign of an approaching volatility breakout

Ethereum ETFs' outperformance largely comes down to the ETH/BTC pair being up 11% for the month — ether is simply showing stronger price action, and money is following it, a trend that was already showing up a few weeks ago. Bitcoin's key support level is its 200-week moving average near $63,300; core PCE inflation data and US GDP figures are still ahead, and could add their own volatility independent of fund flows.

The month's takeaway is simple: the institutional story around Bitcoin still looks bleak, even with a few positive-inflow days scattered through July — the market is clearly waiting for a stronger catalyst than anything it's seen over the past two months.

This piece is informational, not a recommendation to buy, sell, or hold any asset.