U.S. spot Bitcoin ETFs recorded their eighth consecutive week of net outflows, shedding approximately $527 million over the four trading days ending July 2. This marks the longest losing streak in the history of these funds, as reported by SoSoValue.

Market Overview

Thursday's trading saw a $221.7 million inflow into Bitcoin ETFs, breaking a ten-session outflow streak that had resulted in a total loss of nearly $2.7 billion. The rebound was primarily driven by Fidelity's fund, which added $166 million, followed by ARK 21Shares with $91.8 million, and VanEck, which attracted $4.4 million.

Despite the inflow on Thursday, it was insufficient to mitigate the overall negative performance for the week, as previous outflows locked in losses. This grim trend has seen Bitcoin ETFs lose over $5.53 billion year-to-date, with June alone recording the worst losses, exceeding $4 billion across that month.

BlackRock’s IBIT Continues to Decline

BlackRock's IBIT fund has not helped the situation, extending its own outflow trend to eleven days, with an additional loss of $40.4 million reported last Thursday. Over this period, the fund has lost nearly $2.2 billion and currently holds $44.91 billion in net assets, down from cumulative inflows of $59.99 billion since its launch. Current investors in IBIT are facing an average loss of around 40%.

Ethereum and Hyperliquid ETFs

In relation to Ethereum, spot Ethereum ETFs also concluded the week in the negative, experiencing their own eighth consecutive outflow. The total losses amounted to $13.67 million. Hyperliquid ETFs drew $4.3 million in inflows, though this was a significant drop from the previous week's record of $111 million.

Additionally, Bitcoin's price fell below $58,000 earlier in the week, reaching a 21-month low before recovering on Saturday to approximately $63,150. This price rebound followed weaker-than-expected U.S. job data which indicated reduced likelihood of a Federal Reserve rate hike.

Analysts from CryptoQuant have noted that increasing exchange deposits could signal more volatility on the horizon.