Spot Bitcoin exchange-traded funds listed in the United States logged their first net inflow in eight weeks, according to Farside Investors data. For the week ended Friday, these products collectively recorded $197.4 million in net inflows—ending a streak of weekly outflows that began in May.
While the shift is notable, the broader picture remains mixed. Analysts told Cointelegraph that it may be premature to read too much into a single weekly turnaround, especially given the scale of prior withdrawals and ongoing questions around institutional demand.
Key takeaways
- US spot Bitcoin ETFs saw net inflows of $197.4 million for the week ended Friday, ending an eight-week period of weekly outflows.
- BlackRock’s iShares Bitcoin Trust accounted for the majority of the inflows, with $291.9 million, while several other funds posted outflows.
- Despite the reversal, total withdrawals since May 11 remain very large—$8.26 billion, according to SoSoValue.
- Ether spot ETFs also broke an eight-week losing streak, but net inflows were comparatively small versus cumulative outflows.
Bitcoin ETF flows turn positive—but the damage is still large
Farside Investors data shows most of the week’s inflows came from BlackRock’s iShares Bitcoin Trust ETF, which recorded $291.9 million in net purchases. That inflow was partially offset by outflows from Grayscale’s Bitcoin Trust, Fidelity’s Wise Origin Bitcoin Fund, and the ARK 21 Shares Bitcoin ETF.
Even with this end to the outflow streak, the magnitude of recent history matters. SoSoValue data cited in the reporting indicates investors have withdrawn $8.26 billion from US-listed spot Bitcoin ETFs since May 11. Against that backdrop, the $197.4 million weekly inflow can be seen as an early sign of stabilization rather than a full reversal of sentiment.
What analysts say: recovery may be tentative
Cointelegraph highlighted that the change in weekly flows could indicate institutional demand for Bitcoin is starting to recover after two months of sustained selling pressure. Still, not everyone thinks investors should interpret one week as a lasting trend.
Markus Thielen, founder and CEO of 10x Research, said it may be too early to conclude that the bearish flow cycle is over. He pointed to ongoing uncertainty around ETF flows and also the broader context of stablecoin flows, while noting seasonal patterns in August and September that can affect market behavior.
Thielen also referenced a recurring market pattern: Bitcoin historically tends to perform better in the first half of the month and then consolidates later. In his view, with “flows still pronounced” and ETF inflows not yet “meaningfully pick[ing] up,” headwinds remain.
That assessment underscores a key issue for traders and long-term allocators alike: the market may be reacting to improving conditions, but the inflow data is not yet strong enough to confirm a durable turn.
ETF trend vs. broader market debate on Bitcoin’s cycle
The weekly flow reversal arrives as parts of the market continue debating where Bitcoin sits within the broader cycle. Cointelegraph reported that Real Vision chief crypto analyst Jamie Coutts said Bitcoin could be entering the latter stages of the bear market, citing early technical signs that selling pressure may be easing.
At the same time, other analysts argue that further downside could still be ahead. Russell Thompson, chief investment officer at asset manager Hilbert Capital, told Cointelegraph that he views Bitcoin as remaining in a downcycle and suggested a potential low around October.
Taken together, the ETF data shift provides one piece of evidence that could support a stabilization narrative, but it does not settle the larger disagreement over the timing and depth of the next phase of the market.
Ether spot ETFs also reverse—yet outflows still dominate
Bitcoin wasn’t the only product showing a flow improvement. US-listed spot Ether ETFs also ended an eight-week losing streak, recording $84.42 million in net inflows for the week ended Friday. The inflows were led by BlackRock and Fidelity’s Ether funds.
However, as with Bitcoin, cumulative flow history remains the more important benchmark. The reporting notes that investors withdrew $1.2 billion net from US spot Ether ETFs since May 11. That puts last week’s $84.42 million inflow into sharper perspective: it is a reversal at the margin, but not enough on its own to indicate that the larger outflow trend has ended.
For investors tracking broader crypto adoption through regulated wrappers, this matters because it suggests a tentative bid for both assets—without yet demonstrating the sustained allocation increases that would typically be required to fully counteract prior selling pressure.
Looking ahead, investors will likely want to watch whether weekly ETF inflows can build beyond isolated reversals, and whether stablecoin and broader flow indicators confirm that demand is returning rather than merely reacting to short-term market moves.
