Spot Bitcoin ETFs in the US recorded net capital inflows for the second consecutive week. From July 13 to 17, the funds attracted $75.67 million, definitively confirming a trend reversal after a prolonged eight-week streak of outflows.
The turning point emerged the previous week. From July 6 to 10, spot Bitcoin ETFs turned positive for the first time in a long while, gaining $197.4 million. The positive momentum continued last week, albeit with less impressive figures.
An analysis of daily flows reveals a mixed picture. The only day with outflows was July 13, when the funds lost $424.66 million. However, on July 14, inflows recovered to $181.08 million, and on July 15, they reached $107.8 million. The trend remained positive at the end of the week: on July 16, funds attracted $79.15 million, and on July 17, an additional $132.3 million.
As a result, the total net inflow over these days more than offset the single day of outflows. The cumulative volume of funds attracted to spot Bitcoin ETFs since their launch has reached $51.35 billion.
Not Just Bitcoin: Ethereum-ETF Outpaced BTC in Inflows
Interestingly, inflows were not limited to Bitcoin products. Spot Ethereum ETFs attracted $105.44 million over the past week, surpassing Bitcoin funds in this metric. This signals a growing appetite among institutional investors for diversification into second-tier cryptocurrencies.
Among other assets, XRP ETFs showed notable inflows, attracting $6.78 million. Funds based on Solana were more modest, at approximately $948,210. However, not all sectors were in positive territory: funds based on the HYPE token recorded outflows of $7.26 million. Other crypto products showed zero movement.
My view: The return of capital to Bitcoin ETFs after an eight-week outflow is a significant bullish signal. However, volumes are still far from the peak levels seen at the start of the year. The market is likely in a consolidation phase, and sustained inflows into ETFs could act as a catalyst for a new rally, especially if the macroeconomic backdrop remains favorable.