Spot Bitcoin ETFs listed in the United States achieved weekly net inflows for the first time since May, attracting a total of US$197.4 million in the seven days ended July 10. This result ended eight consecutive weeks of capital outflows from this type of product.
BlackRock's iShares Bitcoin Trust ETF was the main driving force, recording $291.9 million in inflows that week, according to Farside Investors. This total was partially offset by outflows from the Grayscale Bitcoin Trust ETF, Fidelity Wise Origin Bitcoin Fund and the ARK 21 Shares Bitcoin ETF.

A week's data does not represent a trend
Jeff Yew, founder and CEO of Monochrome Asset Management, told Cointelegraph that inflows of funds may indicate that institutions are beginning to lay out before potential regulations become clear. He pointed out that the United States could pass the CLARITY bill in August, an event that long-term capital allocators typically focus on before investing on a large scale, but he did not view it as a signal that demand had confirmed a shift.
Markus Thielen, founder and CEO of 10x Research, gave a more cautious view, pointing to capital outflows from stablecoins, typical seasonal headwinds in August and September, and a repeating pattern of Bitcoin that tends to perform well in the first half of each month and then enter consolidation. He said that despite Bitcoin's recent rise of more than 9%, ETF flows have not yet seen a meaningful recovery.
From a more macro perspective, the weekly gain of $197.4 million remains moderate. According to SoValue, from May 11 to July 10, investors withdrew $8.26 billion from spot Bitcoin ETFs.
Analysts are divided on the way forward
Jamie Coutts, chief cryptocurrency analyst at Real Vision, said last week that early technical signals suggest selling pressures are beginning to ease and Bitcoin may be in the late stages of a bear market. He said the downward trend is not over yet, but the worst may be over.
Russell Thompson, chief investment officer of Hilbert Capital, took a more cautious stance. He told Cointelegraph that he expected Bitcoin to remain in a downward cycle and hit a cyclical low around October 2026.
The US-listed spot Ethereum ETF also ended eight consecutive weeks of capital outflows during the same period, recording a net inflow of US$84.42 million in the week ended July 10.

BlackRock and Fidelity's ETH funds led gains, but the inflow followed a net outflow of $1.2 billion from the category since May 11.

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