Eight weeks, one billion dollars, and finally a green candle: BTC and ETH ETFs break the bleed 🩸

U.S. spot Bitcoin exchange-traded funds recorded a net inflow of roughly $197.4 million for the week ended Friday, ending an eight-week streak of weekly outflows that began May 11, according to data from Farside Investors. U.S. spot Ether ETFs also snapped their own eight-week losing streak, pulling in about $84.42 million over the same period and bringing the combined two-week haul across both products to approximately $282 million. The flows follow $527 million in net Bitcoin ETF outflows the prior week, according to Tyler Warner's Morning Minute newsletter on Decrypt, and a small net Ether ETF outflow the week before.

Most of the Bitcoin inflows came from the BlackRock iShares Bitcoin Trust ETF ($IBIT), which recorded $291.9 million in net inflows for the week, with daily flows of $265.7 million on Monday and $21.5 million on Tuesday before midweek redemptions of $84.9 million on Wednesday and $95.3 million on Thursday during the Iran escalation, according to Warner's breakdown. IBIT added another $86.8 million on Friday. The week's Bitcoin gains were partially offset by outflows from the Grayscale Bitcoin Trust ETF ($GBTC), the Fidelity Wise Origin Bitcoin Fund ($FBTC), and the ARK 21Shares Bitcoin ETF ($ARKB). Since May 11, investors have withdrawn roughly $8.26 billion from spot Bitcoin ETFs, while spot Ether ETFs have seen about $1.2 billion in net outflows over the same span.

Analysts cited by Cointelegraph offered differing views on whether the reversal signals a durable shift. "While one week of inflows doesn't define a trend, it comes at a time when institutional confidence is growing around the potential passage of the CLARITY Act in the US in August next month," said Monochrome Asset Management founder and CEO Jeff Yew. "This could be an early indication that institutions are beginning to position ahead of greater regulatory certainty, which is often what long-term capital allocators look for." Markus Thielen, founder and CEO of 10x Research, was more cautious, citing ETF and stablecoin outflows and August and September seasonality as headwinds. "There's also been a pattern over the past few months where Bitcoin performs better in the first half of the month, then consolidates in the latter half," Thielen said. "Without flows still pronounced and ETF flows yet to meaningfully pick up, even after Bitcoin's 9%+ jump, the headwinds remain in our view."

Real Vision chief crypto analyst Jamie Coutts told Cointelegraph last week that $BTC may be entering the latter stages of its current cycle. "I think we're getting through most of the bear market action. It's still not over, clearly. But you know, I think we're approaching at least the second half," Coutts said. Others were less sanguine: Hilbert Capital chief investment officer Russell Thompson said he believes $BTC remains in a downcycle and could bottom around October of this year. Bitcoin rebounded toward $64,000 during the week before retracing to just under $63,000 overnight, with Tuesday's CPI print now positioned as the last major inflation data point before Kevin Warsh's July 28–29 FOMC meeting.