Matrixport’s daily chart highlights that most institutional funds have stepped back for the summer window, yet Ethereum inflows continue while the Bitcoin ETF may register net outflows for a fifth straight month, with this month’s drawdown estimated at about $1.2 billion — the second-largest monthly outflow after February’s $3.5 billion.
The firm cautions that these patterns likely reflect temporary seasonal effects, stressing that persistent fund flows deserve equal consideration to calendar-driven seasonality when assessing near-term market structure and liquidity.
After a bullish posture in July, Matrixport shifted to a more cautious stance in August, noting that prevailing macro and liquidity conditions may still support Bitcoin, while advising close monitoring of flow and volatility indicators.