U.S. spot Bitcoin ETFs recorded their first weekly net inflow in more than two months, drawing $197 million across 13 products and ending an eight-week run of redemptions that had pulled more than $8 billion from the sector, according to data cited by CryptoSlate.
The week was far from one-directional. Midweek demand briefly reversed, with net outflows of $84.8 million on Wednesday and $95 million on Thursday, before a $90.4 million Friday inflow closed the five-day stretch in positive territory. Fund-level data shows the recovery was concentrated rather than broad: BlackRock’s iShares Bitcoin Trust took in $291.9 million for the week — more than the category’s entire net gain — while Grayscale’s GBTC lost roughly $108.2 million, Fidelity’s FBTC shed about $93.4 million, and ARK 21Shares’ ARKB posted a $15.3 million outflow.
Ether products moved in tandem. Spot ETH ETFs also broke an eight-week streak of net redemptions, finishing the week with $84.42 million in inflows. Digital asset intelligence firm Swissblock said the most intense ETF distribution wave of this bear market has ended, with spot flows turning slightly positive as risk conditions ease from capitulation levels.
Analysts caution against reading too much into a single week. The inflow recovered only about 2.4% of the $8.26 billion withdrawn over the prior eight weeks, and trading activity remained subdued: weekly Bitcoin ETF volume of roughly $84.1 billion was the lowest normal five-day total since October 2025. Research firm Ecoinometrics noted that BTC holding near $64,000 is outpacing the recovery in fund demand, since a handful of positive-flow days has yet to offset two months of redemptions.
The next test arrives quickly. June U.S. CPI data lands July 14, with futures markets pricing a 64.6% chance the Federal Reserve holds rates at its July 29 meeting and a 35.4% chance of a quarter-point hike. Whether the latest inflows develop into a broader allocation shift may hinge on that print — sustained buying beyond a single fund would be the clearer signal that institutional demand is genuinely returning.
