Bitcoin ETFs See $197.4M Inflows, Ending Eight-Week Run

US-listed spot Bitcoin exchange-traded funds posted a net inflow of $197.4 million in the week ended Friday, ending an eight-week run of outflows that began in mid-May.

BlackRock’s iShares Bitcoin Trust ETF accounted for most of the week’s gains with $291.9 million of inflows. Outflows from the Grayscale Bitcoin Trust, Fidelity’s Wise Origin Bitcoin Fund and the ARK 21Shares Bitcoin ETF offset some of that activity. Investors have withdrawn about $8.26 billion from spot Bitcoin ETFs since May 11.

Markus Thielen, founder and chief executive of 10x Research, cautioned that seasonal patterns in August and September and ongoing outflows from ETFs and stablecoins make it too early to call a trend reversal: ‘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. Without flows still pronounced and ETF flows yet to meaningfully pick up, even after Bitcoin’s 9%+ jump, the headwinds remain in our view.’

Jamie Coutts, chief crypto analyst at Real Vision, suggested early technical signs point to easing selling pressure and that Bitcoin may be entering the latter stages of the bear market: ‘I think we’re getting through most of the bear market action. It’s still not over, clearly. But I think we’re approaching at least the second half.’

Russell Thompson, chief investment officer at Hilbert Capital, expressed a different view, forecasting the possibility of a lower point around October.

US-listed spot Ether ETFs recorded $84.42 million in net inflows for the same week, led by funds from BlackRock and Fidelity. Since May 11, Ether ETFs have seen roughly $1.2 billion in net outflows.

Bitcoin’s price rose more than 9% during the week covered by the data. The price movement coincided with renewed ETF inflows but did not fully offset the cumulative withdrawals recorded over prior months.