The US spot Bitcoin ETF market is showing a confident recovery. Over the past week, the funds attracted $75.67 million, marking the second consecutive week of net inflows. This result firmly solidifies a trend reversal after a prolonged period of outflows that lasted eight weeks.
The turning point emerged in early July. Between the 6th and 10th, the funds turned positive for the first time in a long while, accumulating $197.4 million. Then, from July 13 to 17, the positive momentum continued, albeit with some volatility.
Daily Dynamics: One Negative Amid Overall Growth
A detailed analysis of daily flows shows that the only day with outflows during the reporting week was July 13, when the funds lost $424.66 million. However, the very next day, July 14, the market reversed: inflows reached $181.08 million. The trend then firmly solidified: July 15 — $107.8 million, July 16 — $79.15 million, and July 17 — another $132.3 million.
Thus, the total volume of funds raised over the week more than offset the single outflow. The cumulative net inflow into spot Bitcoin ETFs since their launch has reached $51.35 billion.
Ether Outpaces Bitcoin: Who Else Is in the Green?
Interestingly, the inflow of funds affected not only Bitcoin funds. Spot Ethereum ETFs attracted $105.44 million over the week, even surpassing the figure for Bitcoin products. This indicates increased institutional investor interest in altcoins.
Among other assets, XRP funds showed notable inflows of $6.78 million. Solana ETFs had more modest results, attracting about $948 thousand. However, not all assets were in the green: funds for the HYPE token recorded outflows of $7.26 million. For other cryptocurrency products, fund flows were zero.
My analysis: A second consecutive week of inflows is not a coincidence but a signal of returning institutional risk appetite. It is particularly telling that Ethereum ETFs surpassed Bitcoin funds in terms of funds raised. This could indicate the beginning of capital shifting into riskier assets in anticipation of a new bull cycle. However, the single large outflow (July 13) reminds us that the market remains sensitive to the macroeconomic agenda. We will monitor the dynamics next week — if the trend continues, it will be a powerful bullish signal.