US-listed spot Bitcoin exchange-traded funds (ETFs) posted a net inflow of $197.4 million for the week ended Friday, ending an eight-week run of weekly outflows that dated back to May, according to data compiled by Farside Investors.
While the reversal is meaningful for market sentiment, the scale of the latest inflow remains small relative to the broader drawdown from investors. The same dataset shows that since May 11, investors have withdrawn $8.26 billion from US spot Bitcoin ETFs, underscoring how much positioning still needs to rebuild.
Key takeaways
- Bitcoin spot ETFs recorded $197.4 million in net inflows for the week ended Friday, ending eight consecutive weeks of outflows.
- BlackRock’s iShares Bitcoin Trust (IBIT) led with $291.9 million in inflows, more than offset by outflows across other major funds.
- The rebound remains modest compared with $8.26 billion of net withdrawals since May 11.
- Analysts caution the signal may be too early, given ongoing flow headwinds and typical summer seasonal patterns.
- Spot Ether ETFs also turned positive, with $84.42 million in net inflows for the week, led by BlackRock and Fidelity.
Bitcoin ETF flows return to positive territory
Farside Investors data indicates that the week’s net inflow was driven largely by a strong performance in BlackRock’s iShares Bitcoin Trust, which reported $291.9 million in inflows. That buying was partially neutralized by outflows from several competitors, including the Grayscale Bitcoin Trust ETF, the Fidelity Wise Origin Bitcoin Fund, and the ARK 21 Shares Bitcoin ETF.
In other words, the “end of the streak” was not evenly distributed across the market—one major product absorbed most of the demand while others continued to see redemptions. For traders and allocators, this matters because it can indicate where new institutional or advisor flows are currently concentrating, even if the broader ETF complex is still working through prior positioning.
Is the flow reversal signaling a sustained turn?
Some analysts view a shift from repeated outflows toward inflows as evidence that demand is stabilizing. Still, not everyone believes the ETF data alone is enough to call an inflection.
Cointelegraph highlighted that the broader environment may be more complex than one week’s headline. One argument is that ETF flows could be influenced by factors beyond spot demand—such as stablecoin movement patterns and August/September seasonality. According to the article, 10x Research founder and CEO Markus Thielen said it may be premature to assume a durable recovery based on recent data.
Thielen told Cointelegraph, “There’s also been a pattern over the past few months where Bitcoin performs better in the first half of the month, then consolidates in the latter half. Without flows still pronounced and ETF flows yet to meaningfully pick up, even after Bitcoin’s 9%+ jump, the headwinds remain in our view.”
That perspective frames the flow reversal as a potential early warning rather than a full confirmation. For readers, the practical takeaway is to watch whether positive ETF weeks continue consecutively and whether inflows broaden from a single dominant issuer into the rest of the complex. If inflows remain concentrated and short-lived, the market may revert to consolidation even if spot price action improves.
Thielen also pointed to the importance of aligning flow signals with price behavior. The latest weekly inflow of $197.4 million may look supportive, but it stands out against the much larger withdrawal figure of $8.26 billion recorded since May 11, as referenced via SoSoValue.
Technical vs. fundamental debate: bear-market timing remains contested
ETF flows are only one part of the picture. Elsewhere, analysts have been debating whether Bitcoin is moving through—and beyond—the most difficult part of the cycle.
Cointelegraph reported that Real Vision chief crypto analyst Jamie Coutts suggested in earlier coverage that Bitcoin may be approaching the latter stages of the bear market, citing early technical indications that selling pressure is easing.
Coutts said, “I think we’re getting through most of the bear market action. It’s still not over, clearly. But you know, I think we’re approaching at least the second half,” according to the same Cointelegraph reporting.
Yet other market participants remain more cautious about timing. Cointelegraph noted that Russell Thompson, chief investment officer at asset manager Hilbert Capital, believes Bitcoin is still in a downcycle and could revisit a low around October.
That contrast between “bear market later stages” and “downcycle lows still ahead” is a reminder that flow stabilization does not automatically translate into a finished market bottom. Price can improve while liquidity risks remain, especially if inflows are not broad-based across issuers or if redemptions resume quickly.
Ether ETF flows follow suit, but investors are still net out
The week’s positive momentum was not limited to Bitcoin. Cointelegraph reports that US-listed spot Ether ETFs also broke an eight-week outflow streak, posting $84.42 million in net inflows for the week ended Friday.
Farside Investors data cited in the article attributes the leading role to BlackRock and Fidelity’s Ether-focused products. Even so, the inflow magnitude remains relatively small compared with the larger withdrawal trend. The article notes that investors have pulled out $1.2 billion from Ether ETFs since May 11.
For portfolio managers, this matters because cross-asset ETF behavior can act as a barometer for overall institutional risk appetite. If both Bitcoin and Ether ETFs begin seeing sustained inflows, it could indicate a broader shift in allocation behavior. If only one asset repeatedly turns positive while the other continues to hemorrhage, it can suggest a more selective, thesis-driven buying environment rather than a sweeping re-risking cycle.
What to watch next is whether these ETF flow reversals extend into subsequent weeks—and whether outflows in the rest of the Bitcoin ETF lineup continue to fade rather than reappear. Until inflows become more persistent and less issuer-concentrated, investors may need to treat the latest improvement as a sign of stabilization rather than a confirmed trend reversal.
