The US spot Bitcoin ETF market has finally caught its breath. After a record eight-week streak of net capital outflows that stretched from mid-May, the industry saw a long-awaited reversal. During the trading week from July 6 to July 10, the total net inflow into these instruments amounted to $197.4 million. This event marks the end of a prolonged bearish trend in institutional demand for digital gold.
To understand the scale of the preceding correction: over the previous eight weeks, starting from the period of May 11–15, the funds lost a colossal $8.26 billion. The heaviest weeks were June 22–26 (outflow of $1.79 billion) and June 1–5 (outflow of $1.72 billion). This capital outflow was naturally accompanied by a decline in Bitcoin's price, which, by the close of trading on July 10, was around $63,917 — noticeably below the local highs of spring.
A Symbolic but Important Signal
Despite the fact that the $197 million inflow is relatively small compared to the billion-dollar losses, the very fact of a shift in flow direction is a critically important signal. The total net assets of the funds stand at $77.42 billion, and although this figure is still far from the year's peak values, the reversal may indicate a cautious but steady improvement in sentiment among institutional investors. We are observing a classic scenario where the market, having reached an oversold zone, begins to attract "smart money" looking for entry points.
Ether Leads Among Altcoins
The weekly dynamics for other cryptocurrency ETFs were mixed but generally positive. The undisputed leader among altcoins was Ethereum: spot ETFs on ETH attracted $84.42 million, making it the second-largest recipient of capital after Bitcoin.
Other instruments showed more modest results. Funds on Solana (SOL) attracted $930,430, on Chainlink (LINK) — $639,940, on Hedera (HBAR) — $1.01 million, and on Hyperliquid (HYPE) — $10.36 million. However, there were also outflows: ETFs on XRP lost $7,180, and on Litecoin (LTC) — $429,940.
My analysis: The recovery of inflows into Bitcoin ETFs is the first "green shoot" after a long winter. However, investors should not relax. The volume of inflows is still small, and to confirm a sustainable trend, we need at least another week or two of positive dynamics. For now, we are dealing with a cautious return of capital, not a full-scale rally in institutional demand. The key level to watch is the $65,000–$67,000 zone for BTC. A breakout above it on rising volumes would confirm a shift in sentiment.