Bitcoin ETFs Extend 3‑Day Losses as BTC Struggles Below $120K

Exchange-traded funds (ETFs) tracking Bitcoin have slipped again, continuing their losing streak as investor sentiment cools.

U.S.-listed spot Bitcoin ETFs saw $86 million in net outflows on July 23, according to SoSoValue data. It’s the third consecutive day of losses after snapping a 12-day inflow streak earlier this week.

Fidelity’s FBTC led the retreat with $227.2 million, while ARK and 21Shares’ ARKB and Bitwise’s BITB saw more modest losses of $9.8 million and $1.9 million, respectively.

In contrast, BlackRock’s IBIT bucked the trend with $142.6 million in inflows, partially offsetting broader losses. Grayscale’s GBTC also posted gains of $10.5 million, while the remaining seven issuers reported no activity.

Over the past three days, Bitcoin ETFs have shed approximately $285 million, marking a sharp reversal from the previous inflow streak. But the u-turn is not isolated, and comes as Bitcoin btc0.04%Bitcoin continues to struggle.

BTC hovers under all-time high, can momentum return? 

Bitcoin (BTC) is trading around $117,745 at press time, about 4.3% below its record high of $123,000. After a sharp run-up, the price has mostly moved sideways this past week. The stalled price action has raised questions about whether the recent rally is losing steam.

But most analysts aren’t calling a top just yet. According to Rekt Capital, the crypto king’s current state looks more like a healthy breather than a full reversal.

“Bitcoin will retrace deep enough to convince you that the Bull Market is over. And then it will resume its uptrend,” said the analyst. 

He explained that currently, BTC is retesting the previously broken Lower High resistance and the Range Low as support, a critical zone that could define the next move.