US Spot Bitcoin ETFs See Inflows Amid Recovery Concerns
Quick Look
US spot Bitcoin ETFs recorded $75.7 million in net inflows last week, marking a second positive week, but analysts like Simon-Peter Massabni and Citi's revised forecast suggest the recovery lacks strength for a broader uptrend, requiring Bitcoin to break $65K.
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Why It Matters
US-listed spot Bitcoin ETFs have seen two consecutive weeks of net inflows totaling $273.1 million in July, following $4.5 billion in net outflows in June, bringing total 2026 net flows to negative $5.2 billion.
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.
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.”
“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.
“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.
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.
Open Questions
- What catalyst will drive a strong Bitcoin uptrend?
- Will Bitcoin decisively break above $65,000?
- Will institutional demand for Bitcoin ETFs strengthen?
