Bitcoin ETF Inflows Return for Second Week; Recovery Muted

US-listed spot Bitcoin exchange-traded funds recorded $75.7 million in net inflows for the week ending July 17, marking a second consecutive week of positive flows.

The inflows followed $197.4 million of net inflows the prior week and brought July’s total ETF inflows to $200.2 million. In June, US spot Bitcoin ETFs had net outflows of $4.5 billion, leaving total 2026 net flows at negative $5.2 billion through mid-July.

Bitcoin traded near $64,000 after slipping from higher levels in June. Simon-Peter Massabni, head of business development at XS.com, described the recovery as “still lacking real strength” and called for a decisive break above the $65,000–$65,500 range to confirm a new uptrend.

Massabni added that four straight sessions of inflows point to easing selling pressure rather than a broad institutional return.

On July 1, Citigroup revised its 12-month outlook for Bitcoin ETFs, cutting its inflow forecast from $10 billion to zero and lowering its 12-month Bitcoin price target from $112,000 to $82,000 after observing weaker-than-expected flows and recent outflows.

ETF analyst Eric Balchunas compared Bitcoin ETFs to gold ETFs, noting they can experience “spectacular gains, painful drawdowns and recoveries,” with each cycle potentially reaching higher highs.

The recent two-week inflow streak reversed several sessions of outflows but did not erase the earlier losses recorded in June. Market participants are watching whether flows stay positive and whether price action clears the $65,000–$65,500 range for signs of a broader trend change.