US-listed spot Bitcoin exchange-traded funds (ETFs) are seeing renewed investor demand, but the latest inflow streak has yet to provide enough momentum for a stronger recovery.
Bitcoin ETFs recorded $75.7 million in net inflows for the week ending July 17, marking a second consecutive week of positive flows, according to SoSoValue data.
The latest inflows followed $197.4 million in net inflows the previous week, bringing July’s total ETF inflows to $200.2 million. US spot Bitcoin ETFs recorded $4.5 billion in net outflows in June, with total 2026 net flows still negative at $5.2 billion.
Monthly flows in US-listed spot Bitcoin ETFs since January. Source: SoSoValue
Analysts said the return of inflows suggests selling pressure is easing, but the current pace of buying remains too limited to confirm a broader uptrend.
New uptrend requires Bitcoin to decisively break above $65K
The two-week ETF inflow streak came as Bitcoin recovered toward $64,000 after falling from higher levels in June, but the move has not yet been strong enough to confirm a broader trend reversal, according to Simon-Peter Massabni, head of business development at XS.com.
Bitcoin needs to “decisively break above the $65,000–$65,500 range” to confirm a new uptrend, Massabni told Cointelegraph, adding that the current recovery “still lacks real strength.”
Crypto Fear & Greed Index. Source: Alternative.me
“Four consecutive sessions of inflows should be interpreted as a sign that selling pressure is easing, rather than clear evidence that institutional investors have returned on a broad scale,” Massabni said, referring to the daily ETF flow data from last week.
Citi cuts 12-month Bitcoin ETF inflow forecast from $10 billion to zero
Massabni also highlighted Citigroup’s recent revision to its Bitcoin ETF outlook, which reflects concerns over the strength of institutional demand.
On July 1, Citi cut its 12-month ETF inflow forecast from $10 billion to zero after weaker-than-expected flows and recent outflows. The bank also lowered its 12-month Bitcoin price target from $112,000 to $82,000.
Related: Prediction markets defy crypto downturn with record Q2 volume: CoinGecko
“The market does not lack reasons to start buying Bitcoin,” Massabni said, adding that “what is still missing is a sufficiently strong catalyst — most likely a flow of capital large and persistent enough to turn the current rebound into a genuine trend.”
Bloomberg ETF analyst Eric Balchunas compared Bitcoin ETFs’ trajectory with gold ETFs, noting that both products have experienced rapid adoption followed by extended periods of weaker performance.
Source: Eric Balchunas
In an X post on Friday, Balchunas said Bitcoin ETFs may follow a similar pattern of “spectacular gains, painful drawdowns and recoveries,” with each cycle potentially setting higher highs over time.
Magazine: Will the US get CLARITY this week? Bitcoin’s new $80K target: Hodler’s Digest, July 19