The US spot Bitcoin ETF market is showing a sustained reversal. For the second consecutive week, the funds are recording net capital inflows, finally cementing a trend shift after a prolonged period of outflows. Over the past week, total inflows amounted to $75.67 million.
The turning point emerged in the week of July 6-10, when the funds turned positive for the first time in a long while, attracting $197.4 million. The trend continued in the period from July 13 to 17, although daily dynamics were uneven. The only negative day was July 13, when an outflow of $424.66 million was recorded. However, the flow reversed the very next day: on July 14, inflows amounted to $181.08 million, on July 15 — $107.8 million, on July 16 — $79.15 million, and on July 17 — another $132.3 million.
How daily flows changed
Before the reversal, the funds experienced a prolonged outflow. For eight consecutive weeks, investors withdrew funds from Bitcoin ETFs, with amounts sometimes exceeding $1.5 billion per week. However, the total net inflow since the launch of the products still remains impressive at $51.35 billion.
Interestingly, the inflow affected not only Bitcoin. Spot Ethereum ETFs attracted $105.44 million over the week, even surpassing Bitcoin funds in terms of capital raised. Also notable was the interest in XRP funds, which attracted $6.78 million. Inflows into Solana funds were much more modest — about $948,210 over the same period.
However, not all assets remained in positive territory. Funds for the HYPE token recorded an outflow of $7.26 million during the reporting period. For other cryptocurrency products, fund flows over the past week were zero.
My analysis: The return of capital to Bitcoin ETFs after an eight-week outflow is a strong bullish signal. It is especially telling that Ethereum ETFs attracted even more funds than Bitcoin funds. This suggests that institutional investors are beginning to diversify their crypto exposures, rather than simply entering BTC as "digital gold." If the trend continues, we could see a new impetus for the entire market.