According to TechFlow, on July 20, Bloomberg ETF analyst Eric Balchunas posted on social media that the net inflow of US Bitcoin spot ETFs from the beginning of the year has exceeded the $17 billion mark for the first time. Balchunas emphasized that this data is the most noteworthy because it represents the net amount after GBTC is unlocked and is independent of the appreciation of Bitcoin prices. He said that this figure is basically unaffected by market hype and can only grow through actual net demand and market adoption. Although the indicator may decline, it is still on an upward trend.