US spot Bitcoin ETFs recorded capital inflows for the second consecutive week. According to my data, from July 13 to July 17, the funds attracted $75.67 million, firmly cementing a shift in sentiment after a prolonged period of outflows.

The turning point emerged a week earlier: from July 6 to July 10, investors returned to the market for the first time in a long while, pouring $197.4 million into ETFs. The current week confirmed this momentum, albeit with a smaller amplitude.

Daily dynamics: one day of decline versus four days of gains

Before the reversal, the market experienced a prolonged outflow — eight consecutive weeks of investors withdrawing funds, with amounts sometimes exceeding $1.5 billion per week. However, the picture has changed dramatically.

Here is how the flows were distributed last week:

  • July 13: the only negative day — an outflow of $424.66 million.
  • July 14: an inflow of $181.08 million.
  • July 15: an inflow of $107.8 million.
  • July 16: an inflow of $79.15 million.
  • July 17: an inflow of $132.3 million.

As you can see, the single negative day was more than offset by four subsequent days of positive dynamics. The total net inflow into the funds since their launch has reached $51.35 billion — a significant indicator reflecting long-term institutional interest.

Not just Bitcoin: Ethereum ETFs outperform in inflows

Notably, interest has also shifted toward other assets. Spot Ethereum ETFs attracted $105.44 million over the same week — even more than Bitcoin funds. This suggests a diversification of strategies among major players, who likely see potential in Ether amid network upgrades and growing DeFi activity.

XRP funds also showed notable inflows — $6.78 million, while Solana ETFs gathered about $948 thousand. At the same time, products based on the HYPE token recorded an outflow of $7.26 million, while other crypto ETFs remained with zero flows.

My analysis: A second consecutive week of inflows is not a coincidence but a signal of restored confidence after a correction period. However, I would not rush to conclusions about a full-fledged bullish trend. The market remains sensitive to macroeconomic factors, and consolidation above key levels is necessary for sustainable growth. Ethereum, outpacing Bitcoin in inflows, could become a new driver, but for now, it is more of a capital shift rather than a mass influx of new investors.