US-listed Bitcoin ETF ends eight weeks of capital outflows, with BlackRock leading a net inflow of US$197.4 million.
US-listed Bitcoin exchange-traded funds (ETFs) recorded a net inflow of US$197.4 million last week, breaking the previous eight-week net outflow. The inflow came after Bitcoin rebounded from recent lows, but only recovered slightly from losses in previous weeks.
BlackRock led new inflows, other funds suffered redemption
BlackRock's iShares Bitcoin Trust Fund (IBIT) led the weekly data with a net inflow of $291.9 million. BlackRock is a global investment management company and is recognized as one of the world's largest asset managers.
While IBIT is attracting large amounts of capital, rival funds are experiencing outflows. Gray Bitcoin Trust (GBTC) lost approximately US$108.2 million, Fidelity's FBTC suffered redemption of approximately US$93.4 million, and ARK21 Shares 'ARKB weekly net outflow of approximately US$15.3 million.
This divergence shows that investors favor specific products and have more concentrated capital allocation rather than a broad return to this category.
Since May 11, investors have withdrawn approximately $8.26 billion from U.S. Bitcoin ETFs. The latest inflow of $197.4 million accounted for only 2.4% of previous divestments, indicating a tentative return to institutional interest. Despite BlackRock's strong momentum, the entire group "only recovered about 2.4% of the $8.26 billion it withdrew in the previous eight weeks." The difference has prompted analysts to remain cautious before announcing a full return of the institution.
Daily capital flows highlight the fragility of the recovery. The week was strong at the beginning of the week, recording a net inflow of $265.7 million, but plunged to $21.5 million the next day. The total outflow on Wednesday and Thursday was US$180.2 million, while a net inflow of US$90.4 million on Friday ensured that the weekly total value was positive.
Weekly net flow of ETF products:
BlackRock IBIT: +291.9 million
Gray GBTC: -108.2 million
Fidelity FBTC: -93.4 million
ARK21 Shares ARKB: - US$15.3 million
Ethereum funds show a similar trend
The US-listed spot Ethereum ETF also shows a similar reversal as Bitcoin funds, with a weekly net inflow of US$84.4 million, ending its own eight-week consecutive outflow. However, these products have previously lost approximately $1.2 billion. Taken together, Bitcoin and Ethereum spot ETFs attracted a total of US$281.8 million in new capital last week.
Dictionary: Spot ETF refers to exchange-traded funds that directly invest in the underlying cryptocurrency rather than using futures contracts or derivatives.
Weak trading volumes and the upcoming U.S. inflation report cast doubt on the outlook
Weekly trading volume of Bitcoin ETF reached US$84.1 billion, the lowest level for five full trading days since October 2025. The transaction volume of the Ethereum ETF fell to US$20.5 billion, the lowest level since May 2025. Analysts pointed out that these depressed activity levels suggest that many investors remain cautious and wait for clearer direction before allocating new funds.
Despite this week's inflows, the Bitcoin ETF has accumulated a net outflow of approximately US$5.34 billion this year, while the Ethereum Fund has recorded a net outflow of approximately US$1.35 billion in 2026. Bitcoin's price rebound has not yet triggered continued ETF demand, as sizable midweek redemptions offset early gains. Analysts note that many portfolio managers remain selective rather than turning broadly to risky assets.
As trading activity cools this week, many analysts observed: "Bitcoin ETFs may need to have positive inflows for several weeks to establish a true institutional allocation trend." Seasonal factors may also put pressure on the outlook, as August and September are typically periods of weak trading conditions, and Bitcoin's recent rally tends to fade before the end of the month.
The key event will come on July 14, when the U.S. Bureau of Labor Statistics releases its June Consumer Price Index (CPI) report. The results are expected to affect ETF funding flows and sentiment in the broader risk market. Market participants are watching closely whether weaker inflation data can boost risk appetite and prolong capital inflows, or whether high inflation will trigger a new round of outflows from crypto ETFs.

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