After U.S.-based spot Bitcoin exchange traded funds (ETFs) saw their highest inflows since June 4 on Monday (July 22), momentum slowed toward the end of the week.
Farside reported that spot BTC ETFs received a total of $31.1 million on July 25.
While the results are positive, they are well down from the $485.9 million raised on Monday.
Reportedly, only BlackRock’s iShares Bitcoin Trust (IBIT) recorded inflows equivalent to $70.7 million, while almost all other funds recorded neutral performance.
The exception was Greyscale’s GBTC, which again recorded outflows of $39.6 million.
The price of Bitcoin (BTC) saw a significant drop, falling over 9% and dropping below $53,000 for the first time in over a month late Friday evening.
According to Sergey Bezdelov, director of the Industrial Mining Association, approximately 54,000 Bitcoin (BTC) tokens worth about $3 billion were mined in Russia in 2023.
This week has been bearish for the crypto market and Friday was no exception. Today, Bitcoin and most altcoins experienced significant declines, following the U.S. jobs report.
Thursday’s crypto market witnessed a significant shake-up, with $100 million in liquidations recorded in just one day, primarily impacting long positions.