US spot Bitcoin ETFs drew net inflows for seven straight trading days even as Bitcoin slipped to around $64,700, down 2.2%. BlackRock's IBIT and Fidelity's FBTC carried the streak while Grayscale's GBTC bled cash, and CryptoQuant data points to weakening spot demand.
Bitcoin traded near $64,700 on July 23, giving back part of the rally that carried it to $66,700 two days earlier. The 24-hour pullback erased 2.2%, yet US spot Bitcoin ETFs kept buying, and Santiment data shows seven straight days of net inflows since July 14 worth roughly $981 million.
A Streak Last Seen Before the $126,000 Record
The last comparable run came in early October 2025, right before the price pushed to its $126,000 record. The current streak is smaller, yet Santiment flagged the same tension: conditions look supportive enough for a run toward $70,000, though a sudden oversized single-day inflow would be the signal to watch, since such spikes have tended to mark short-term tops.
Two Funds Carried Almost the Whole Run
Farside Investors' breakdown of the US spot Bitcoin ETFs shows where the streak came from. BlackRock's IBIT carried almost every positive day, Fidelity's FBTC rode alongside it more often than not, and Grayscale's GBTC bled money on nearly every session. July 13 produced the single worst day since the streak began, when IBIT and FBTC both shed money and Bitcoin briefly gave up the $64,000 level before clawing it back.
Why Fees Split BlackRock From Grayscale
The split comes down to cost. GBTC still charges a 1.50% annual fee, a holdover from before the ETFs converted in 2024, while IBIT charges 0.25% and Morgan Stanley's MSBT as little as 0.14%. Cheaper funds pull in the money, so GBTC shows an outflow even when the category takes in hundreds of millions.
A Cooling RSI Signals Fading Momentum
Price action explains why the inflows haven't produced a clean breakout. Bitcoin climbed from a low near $58,700 on July 1 to the $66,700 high by July 21, and its 50-period exponential moving average now sits at $65,016. The close of $64,760 slipping just beneath that average is a mild warning rather than a reversal.
The RSI peaked near 70 twice this month before dropping to 41, below the neutral 50 mark but short of the 30 oversold threshold.
A Weaker Signal Under the ETF Headlines
In a chart published July 23, CryptoQuant founder Ki Young Ju showed spot buying losing strength while futures demand stays net positive but well below three months earlier — as he put it: "Bitcoin spot demand is weakening".
The $62,000 Zone Becomes the Line in the Sand
If the streak holds and spot demand recovers, a push toward $70,000 becomes likelier. If spot demand keeps softening, the $62,000 to $63,000 zone from early July becomes the next test, with the $58,700 low from July 1 below it. Santiment reads a single outsized inflow day as a warning, not a green light.
Source: Crypto News Flash
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