Spot Bitcoin ETFs Finally Remember They Had an "Inflow" Button 📈

US-listed spot Bitcoin exchange-traded funds pulled in $221.7 million in net inflows on Thursday, the first daily net inflow above $200 million since early May, according to SoSoValue data. The figure ended a 10-day streak of net outflows that had drained more than $2.7 billion from the funds, capping one of the weakest stretches for US spot Bitcoin ETFs this year. June alone saw a record $4.5 billion in net outflows from the products.

The rebound came as Bitcoin reclaimed the $61,000 level after briefly sliding below $59,000. Matt Hougan, chief investment officer at Bitwise, suggested the market could be nearing a bottom. Crypto market sentiment on Friday remained in "extreme fear" territory, according to the Fear & Greed Index from Alternative.me.

Fidelity's Wise Origin Bitcoin Fund (FBTC) led Thursday's rebound with $166 million in net inflows, accounting for roughly 75% of the day's total, according to Farside Investors data. ARK 21Shares Bitcoin ETF (ARKB) followed with $91.8 million in inflows, while the VanEck Bitcoin ETF (HODL) and Valkyrie Bitcoin Fund (BRRR) attracted $4.4 million and $1.7 million, respectively. BlackRock's iShares Bitcoin Trust (IBIT), the largest US spot Bitcoin ETF by assets, continued to bleed, posting $40.4 million in net outflows on Thursday, bringing its losses to more than $2.2 billion during an 11-session outflow streak since June 17.

The recovery in ETF flows extended beyond Bitcoin, with US spot Ether ETFs attracting $29.1 million on Thursday, following $14.9 million in inflows a day earlier. XRP ETFs also returned to net inflows, pulling in $6.6 million after two consecutive sessions of outflows. The global crypto market cap climbed 2.4% to $2.22 trillion over the past 24 hours, according to CoinGecko data, as Bitcoin recovered above $61,000.