The US spot Bitcoin ETF market has finally shown a reversal after a prolonged bearish trend. During the trading week from July 6 to July 10, the total net inflow into these instruments amounted to $197.4 million. This figure marks not just a local improvement, but the first positive result in the last eight weeks.
To understand the scale of the preceding pressure: over eight weeks of continuous outflows, starting from mid-May, approximately $8.26 billion was withdrawn from the funds. The most painful periods were from June 22 to June 26 (outflow of $1.79 billion) and from June 1 to June 5 (outflow of $1.72 billion). Such a massive capital flight exerted significant pressure on the price of the first cryptocurrency, which, at the close of trading on July 10, was around $63,917 — noticeably lower than the levels seen in late spring.
The total net assets of the funds stand at $77.42 billion. Despite the positive signal, current figures are still far from the historical highs recorded earlier this year. Nevertheless, the very fact of a change in flow direction is an important indicator. It may suggest a cautious but still improving sentiment among institutional investors, who likely perceived the recent correction as an entry opportunity.
Altcoins: Ethereum Leads, but the Picture is Mixed
The situation in the market for other spot crypto ETFs turned out to be mixed. The absolute leader among altcoins was Ethereum: ETH funds attracted $84.42 million, confirming its status as the second most significant cryptocurrency for institutional capital.
Other instruments showed significantly more modest results. Solana ETFs attracted $930,000, Chainlink — $639,000, Hedera — $1.01 million, and Hyperliquid — $10.36 million. However, there were also outflows: XRP funds lost $7.18 thousand, and Litecoin — $429.94 thousand.
Thus, the bulk of capital continues to concentrate in the two largest assets — Bitcoin and Ether. Other coins cannot yet boast stable interest from ETF investors.
Cryptalist Analysis: Breaking the eight-week outflow streak is undoubtedly a bullish signal for the market. However, one should not rush to conclusions. The inflow volume of $197 million looks modest against the $8.26 billion previously withdrawn. This could be either the start of a new upward trend or a temporary respite before another wave of sell-offs. The key indicator will be the sustainability of this inflow in the coming weeks.