US spot Bitcoin ETFs recorded $227 million in inflows as BTC climbed above $65,000, extending their longest winning streak since early May.
US-listed spot Bitcoin exchange-traded funds (ETFs) posted their fifth consecutive day of net inflows, marking their longest winning streak in nearly three months.
Bitcoin ETFs attracted $226.9 million in net inflows on Monday, the strongest daily inflows since July 6, bringing total net inflows over the five-day streak to about $727.3 million, according to data provider SoSoValue.
The five-session streak is the longest run of consecutive inflows since a six-session stretch from April 30 through May 5. Monday’s inflows reduced year-to-date net outflows for US spot Bitcoin ETFs to below $5 billion.
Simon-Peter Massabni, head of business development at XS.com, said the recent inflows suggest selling pressure may be easing rather than signaling a broad return of institutional demand. He added that Bitcoin would need to break and hold above the $65,000–$65,500 range to strengthen the case for a sustained uptrend.
At the time of publication, BTC traded at $65,879, up 3.3% over the past 24 hours, according to CoinGecko.
Related: Bitcoin defies recent tech stocks sell-off: Are bulls eyeing $70K rally?
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