The broader crypto market appears to be in a consolidation phase, with Bitcoin trading rangebound near $116,000-$119,000. Volatility appears to be muted as investors digest recent gains and await new catalysts.

New data suggests that the continued ETF inflows are a confirmation of continued bullish sentiment.

$55B and Counting

Spot Bitcoin ETFs have seen net inflows on 29 of the past 33 trading days, amidst strong market confidence. These inflows, with a cumulative total of more than $55 billion, confirm the continued upward momentum in cryptocurrency markets, according to the latest update shared by Santiment.

On July 30 alone, total net inflows into spot Bitcoin ETFs reached $47.03 million, continuing a five-day positive streak. Interestingly, BlackRocks IBIT led the day with $34.47 million, followed by Bitwises BITB at $12.66 million. None of the other spot ETFs registered any movement, as per data compiled by SoSoValue.

QCP Capital also echoed a similar sentiment. In its analysis, the firm noted that institutional inflows and favorable regulatory developments strengthen the case for potential new highs in the medium term, even as Bitcoin remains tightly rangebound and is struggling to convincingly break above the $120K level.

In addition to that, accumulation by firms like Strategy actively raising capital to buy Bitcoin, underscores long-term conviction in the asset.

ETH ETF Streak Grows Too

Turning to Ethereum, spot ETFs recorded $5.79 million in net inflows on July 30, extending their streak to 19 consecutive trading days. Notably, BlackRocks ETHA and Grayscales ETHE contributed $20.29 million and $7.77 million in inflows, respectively. Fidelitys FETH, on the other hand, recorded more than $22 million in outflows.

Amid this rising institutional interest in Ethereum, corporate players are beginning to take more direct exposure to the asset. For instance, SharpLink Gaming expanded its ETH accumulation strategy. Earlier this week, the company announced that it had acquired 77,210 additional ETH last week, worth nearly $290 million at an average purchase price of $3,756.

As a result, SharpLinks total ether holdings have reached 438,190 ETH, with a market value of around $1.69 billion. The firm also raised $279 million in net proceeds during the week of July 21 through its ATM equity facility. Since initiating its ETH treasury plan on June 2, it has actively ramped up purchases while earning 722 ETH from staking activities.

BitMine Immersion Technologies still holds the top spot among corporate ETH treasuries. On the same day, it reported owning 625,000 ETH, which is approximately $2.35 billion. BitMine also announced a $1 billion open-ended share buyback plan.