Bitcoin ETFs Finally Show a Pulse After Bleeding $8B — Even BlackRock Cracked a Smile 😏

US-listed spot Bitcoin exchange-traded funds recorded $221.7 million in net inflows on July 2, their first positive session in 10 days and largest single-day haul in roughly two months, according to SoSoValue data. The inflow ended a streak that had drained about $2.7 billion from the products and capped a June that SoSoValue, Farside Investors and Galaxy Research variously sized at $4.06 billion to $4.5 billion in net outflows — described across those providers as the worst month on record since the funds launched in January 2024. Fidelity's Wise Origin Bitcoin Fund (FBTC) led the rebound with $165.96 million in inflows, ARK 21Shares' ARKB added $91.84 million, and VanEck's HODL and Valkyrie's BRRR drew $4.4 million and $1.7 million, respectively, per Farside Investors. BlackRock's iShares Bitcoin Trust (IBIT) was the outlier, posting $40.4 million in net outflows and extending a losing run that, by other counts, had stripped more than $2.2 billion from the fund over an 11-session stretch since June 17. BlackRock US head of equity ETFs Jay Jacobs told Cointelegraph that daily outflows have many possible explanations: "What I think is maybe sometimes misunderstood by the market is that if we see a day of outflows, there could be a million reasons why. It could be someone selling IBIT and buying BITA," Jacobs said, referring to its iShares Bitcoin Premium Income ETF (BITA), which launched during the week. On July 7, IBIT itself turned positive with $209.4 million in inflows, according to Farside Investors data, part of a broader three-session run that 21Shares head of research James Butterfill estimated at roughly $510 million since Friday and that Butterfill told Decrypt represented the "largest inflows we've seen since the outflows began in early May."

The June exodus followed a rolling 30-day net outflow of $6.35 billion that Galaxy Research said was the deepest across all 582 rolling 30-day windows it tracks, with BlackRock's IBIT accounting for $3.55 billion and $4.51 billion of the monthly and 30-day tallies, respectively, per SoSoValue and Galaxy Research. Bitcoin's price reflected the pressure: BTC fell about 20.48% in June per BeInCrypto, its steepest monthly drop since June 2022, trading near $64,167 after sliding from roughly $76,000 in early May, dropping below $58,000 on June 25, and closing the week around $61,000–$62,700 according to CoinGecko. Total net assets across US spot Bitcoin ETFs fell below $73 billion for the first time since late 2024, down from a record $169.5 billion in October 2025 — a roughly 57% decline — while WalletPilot showed the funds holding a combined 1.24 million BTC as of Tuesday, down about 63,500 BTC over 30 days. Strategy, the largest corporate Bitcoin holder, bought roughly 3,600 BTC in June, down from about 25,000 BTC in May and more than 50,000 BTC in April, with a net sale of 32 BTC earlier in the month; its perpetual preferred stock STRC closed at $75.69 on Thursday, down 6.37%, after the company filed for a Bitcoin monetization program authorized to raise $1.25 billion.

Analysts tied the rebound to a softer US macro backdrop. The June jobs report showed just 57,000 nonfarm payrolls added versus expectations of roughly 110,000–114,000, and Federal Reserve Chair Kevin Warsh signaled that inflation risks had eased, cooling bets on further rate hikes. Andri Fauzan Adziima, research lead at Bitrue Research Institute, told Decrypt that Warsh's comments "improved overall market sentiment," while Tim Sun, senior researcher at HashKey, said persistent outflows had reflected the market's "pricing-in of further rate hikes" and that the weak payrolls print has been "weakening the market's anticipation of further rate hikes"; Sun cautioned the bounce is "only a temporary recovery after the easing of interest rate pressure." Ether ETFs posted $14.9 million of inflows on July 1 and $29.1 million on July 2 per SoSoValue, with US spot Ethereum ETFs shedding about $528.99 million in June. Beyond BTC and ETH, Solana ETFs recorded net outflows of roughly $786,580 in June — their first monthly outflow since launch — while XRP ETFs drew $59.46 million and Hyperliquid (HYPE) ETFs led the group with $161.05 million in inflows. On-chain, Santiment reported $8.475 billion in cumulative Bitcoin ETF net outflows since May 6, Glassnode said roughly 10.83 million BTC now sit at a loss against 9.22 million in profit, and Bitfinex analysts noted large holders accumulated more than 270,000 BTC ($16.7 billion) over two weeks as the spot premium stayed negative, a divergence the firm said has shown up near past cycle lows.