BlackRock’s IBIT product accounted for the overwhelming share of the withdrawals, making up nearly $415 million of the total outflows.

U.S.-listed spot bitcoin (BTC) exchange-traded funds (ETFs) have recorded their first three consecutive weeks of net inflows since early May.

The ETFs attracted $33.79 million in inflows during the week ending July 24. However, the total was significantly reduced by substantial outflows late in the week, including $225.2 million withdrawn on July 23 and another $240.1 million on July 24, according to SoSoValue data.

The late-week selling resulted in the smallest weekly inflow figure of the current three-week streak, compared with the previous two weeks, which saw inflows of $197 million and $75.67 million.

The latest figures indicate that institutional interest in bitcoin is returning, but the pace remains subdued and falls short of the aggressive demand typically associated with strong bull market phases.

“After major outflows in May and June, July has marked a period of recovery, but institutional participation remains cautious,” crypto analytics firm BRN said in an email to CoinDesk.

Bitcoin surged to a July peak above $66,500 on Tuesday before pulling back below $64,000 by the end of the week. The decline followed profit-taking activity and weaker equity performance, with the Nasdaq 100 pressured by declines in semiconductor stocks, a leading indicator for the artificial intelligence sector.