Bitcoin spot exchange-traded funds (ETFs) extended inflows for a seventh consecutive trading session, pushing cumulative net inflows to just under $1 billion.

On July 23 (local time), blockchain outlet Cointelegraph reported that bitcoin spot ETFs posted net inflows of $68.99 million on July 22.

Based on Sosovalue data, total net inflows since July 14 amount to $999.38 million. Daily inflows on July 22 were down from $203.00 million a day earlier, but the inflow streak reached seven sessions.

The inflow run still falls short of the nine-session streak recorded in April. Cumulative net inflows then reached $2.1 billion. Attention is focusing on the fact that funds continued to flow into ETFs even during a weak period when bitcoin fell below $66,000.

Market sentiment had not fully recovered. The Crypto Fear & Greed Index, which reflects sentiment in the crypto market, stood at 31 on July 23, down from 33 the previous day. The key point in this trend is that ETF inflows continued even when both price and investor sentiment were not strong.

Marcus Levin (마커스 레빈), co-founder of data verification company XYO, said, "This trend suggests institutions are rebuilding long-term bitcoin exposure through regulated ETFs." He added that macroeconomic sentiment is improving, and that expectations of monetary easing, slowing inflation and a strong stock market encouraged investors to return to risk assets.

The trend shows that the nature of the flows is being weighed more heavily than short-term prices. Inflows on July 22 were smaller than the previous day, but with seven sessions bringing the cumulative total close to $1 billion, the market is watching how much longer institutional demand will persist.

ETF inflows do not immediately translate into spot bitcoin buying, but continued net inflows during a weak market can be interpreted as a signal that medium- to long-term demand from institutional investors is being maintained. The analysis is that the moves are closer to increasing holdings during a price correction than to taking short-term profits.

Still, net ETF inflows do not guarantee a rebound in bitcoin prices. Price volatility could rise again depending on other variables such as macroeconomic indicators, the outlook for U.S. monetary policy and the scale of liquidations in the derivatives market, so the relationship between inflows and spot prices should be watched together.

There are two points to watch going forward. One is whether this inflow streak can surpass April's nine-session record. Another is whether ETF inflows continue even when bitcoin prices remain weak, which is expected to serve as a gauge of the market's near-term direction.