Spot Bitcoin ETF Net Flows Negative at -$2.1B as Institutional Demand Hits Low on July 23

BTC-0.84%
According to CryptoQuant analyst Darkfost, on July 23, spot Bitcoin ETF net flows turned negative at -$2.1 billion over the past 30 days, while Bitcoin reserve companies' demand dropped from approximately $6.6 billion when BTC was near $115,000 in August 2025 to near zero at current BTC price of $65,000. Darkfost also noted that Strategy's Bitcoin demand has remained near zero for consecutive weeks, signaling weak institutional interest.
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