US-based spot Bitcoin exchange-traded funds (ETFs) attracted a net inflow of approximately $197 million in the week ending Friday, halting a continuous eight-week run of withdrawals that began in May. The inflows were largely driven by the BlackRock iShares Bitcoin Trust ETF, which alone garnered nearly $292 million during the period.
Despite this influx, other major Bitcoin funds—including the Grayscale Bitcoin Trust ETF, Fidelity Wise Origin Bitcoin Fund, and ARK 21 Shares Bitcoin ETF—continued to experience outflows, partially offsetting the gains. Overall, the inflow is modest compared to the extensive $8.26 billion investors have pulled out since early May, suggesting the market is only tentatively shifting.
Analysts caution against interpreting this inflow as a definitive sign of recovery. Markus Thielen, founder of 10x Research, noted that seasonal patterns and ongoing outflows from other ETFs and stablecoins mean headwinds still persist. Bitcoin has shown a tendency to perform better in the first half of each month, followed by consolidation later, a trend that complicates predicting sustained inflows despite a recent 9% price increase.
Meanwhile, US-listed spot Ether ETFs also reversed their eight-week withdrawal trend, recording net inflows of around $84 million. These inflows were led by funds managed by BlackRock and Fidelity but remain small relative to the $1.2 billion withdrawn since May. These movements hint at cautious investor activity in the broader cryptocurrency ETF market.
Some market observers see signs that the Bitcoin bear market might be easing. Jamie Coutts, chief crypto analyst at Real Vision, has suggested that selling pressure appears to be subsiding, marking a possible transition into the later stage of the down cycle. However, others remain more guarded, with Russell Thompson of Hilbert Capital anticipating further declines and a potential low around October.