US-listed spot Bitcoin exchange-traded funds (ETFs) recorded a net inflow of $197.4 million in the week ending Friday, ending an eight-week streak of outflows that began in May. According to data from Farside Investors, the BlackRock iShares Bitcoin Trust ETF led the rebound with inflows of $291.9 million, partially offset by outflows from the Grayscale Bitcoin Trust ETF, the Fidelity Wise Origin Bitcoin Fund, and the ARK 21 Shares Bitcoin ETF.
The reversal may signal a recovery in institutional demand for Bitcoin following two months of consistent selling pressure. However, analysts remain cautious. Markus Thielen, founder and CEO of 10x Research, noted to Cointelegraph that it’s still too early to confirm a sustained turnaround, citing ongoing outflows from ETFs and stablecoins, as well as typical market seasonality in August and September.
“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,” Thielen said. “Without flows still pronounced and ETF flows yet to meaningfully pick up, even after Bitcoin's 9%+ jump, the headwinds remain in our view.”
Total spot Bitcoin ETF net inflow. Source: SoSoValue
Despite the positive weekly figure, the $197.4 million inflow remains modest compared to the $8.26 billion withdrawn since May 11.
Last week, Jamie Coutts, chief crypto analyst at Real Vision, told Cointelegraph that Bitcoin might be entering the later stages of its bear market, based on early technical indicators showing easing selling pressure. “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,” Coutts said.
Not all analysts share this optimism. Russell Thompson, chief investment officer at Hilbert Capital, believes Bitcoin remains in a downcycle and could reach a low around October.
In parallel, US-listed spot Ether ETFs also broke their eight-week outflow streak, recording $84.42 million in net inflows for the same period, driven primarily by BlackRock and Fidelity’s Ether funds. Still, these inflows are dwarfed by the $1.2 billion in net outflows accumulated since May 11.