Exchange-traded funds (ETFs) that track the spot price of Bitcoin (CRYPTO: $BTC) have seen an influx of capital following a painful 10-day losing streak.
Bitcoin ETFs attracted $221.7 million U.S. of capital on July 2, their biggest inflow in two months, according to market data.
The inflows end a difficult 10-day outflow streak that saw investors pull $2.73 billion U.S. from the funds.
So far this year, a dozen U.S. spot Bitcoin ETFs have seen cumulative net outflows of $5.4 billion U.S., with $4 billion U.S. pulled from the funds in June alone.
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Analysts have largely blamed institutional investors for pulling money from the ETFs as Bitcoin’s price steadily declined this year to a 21-month low of $58,000 U.S. at the end of June.
However, there is tentative hope that Bitcoin and the ETFs tied to the digital asset are turning a corner to start the year’s third quarter.
Since July 1, the price of BTC has risen to $61,800 U.S. as investors rotate capital out of richly valued microchip stocks and companies tied to artificial intelligence (A.I.).
