Quick Take
- U.S. spot bitcoin ETFs generated $221.7 million worth of net inflows on Thursday, after a 10-day outflow streak.
- BlackRocks IBIT was the only fund that saw net outflows on Thursday, shedding $40.4 million.
U.S. spot bitcoin (BTC) exchange-traded funds reported net inflows on Thursday, breaking a 10-day negative streak.
The spot bitcoin ETFs logged a total net inflow of $221.7 million on July 2, led by $166 million moving into Fidelity's FBTC, according to data from SoSoValue. Ark Invest and 21Shares' ARKB reported $91.8 million worth of inflows, while VanEck's HODL saw a smaller inflow of $4.4 million on the day.
This is the first time the bitcoin ETFs have reported net inflows since June 16, after which the funds entered a losing streak totaling more than $2.7 billion. In June, bitcoin funds saw $4.5 billion in net outflows, marking the worst month since their launch in 2024.
Meanwhile, BlackRock's IBIT was the only fund that saw net outflows on Thursday, shedding $40.4 million. This marks the 11th straight day of net outflows for IBIT, during which roughly $2.2 billion has left the fund. On a weekly basis, IBIT has now been reporting outflows for eight straight weeks.
“The recent net inflows into spot bitcoin ETFs suggest investors are cautiously rebuilding exposure after a period of profit-taking and macro uncertainty,” said Nick Ruck, director of LVRG Research. “While BlackRock's IBIT continues to face outflows likely reflecting strategic reallocation toward smaller or lower-fee products rather than outright bearishness, this rotation indicates a maturing market where capital is becoming more discerning across issuers.”
Bitcoin as the underlying asset has displayed signs of recovery since the start of the month, rising from around $58,000 on July 1 to about $61,730, marking a 2.8% increase in the past 24 hours, according to The Block's BTC price page.
Glassnode analyst Chris Beamish wrote in the firm's latest report that long-term bitcoin holders have returned to accumulation after an extended period of distribution, with buying activity broadening across wallet cohorts, including smaller holders and entities holding 100 to 1,000 BTC.
Beamish cited a bid-heavy Coinbase orderbook and increasingly supportive dealer gamma positioning near current prices as key signs of stabilizing structure.
“Overall, the crypto landscape appears to be transitioning from defensive positioning to selective optimism, driven by improving risk appetite and anticipation of broader adoption catalysts, though sustained inflows will be needed to confirm a genuine sentiment shift,” LVRG's Ruck told The Block.
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