U.S. Bitcoin spot exchange-traded funds finally reversed a 10-day outflow streak on July 2, pulling in a net $221.7 million — the first inflow since June 16. The prior drain had seen over $2.7 billion exit in 10 trading sessions, capping June as the worst month on record for Bitcoin ETFs since their January 2024 launch, with a total outflow of $4.5 billion.
Fidelity FBTC Dominates with $166M Inflow; BlackRock IBIT Extends Loss Streak
Data from SoSoValue shows Fidelity's FBTC led all Bitcoin ETFs with $166 million in fresh capital. ARK Invest and 21Shares' ARKB attracted $91.8 million, while VanEck's HODL added $4.4 million. However, BlackRock's IBIT was the only ETF to bleed funds on the day, losing $40.4 million — its 11th consecutive day of outflows, amounting to a cumulative $2.2 billion pulled since the streak began.
Nick Ruck, research director at LVRG Research, downplayed the IBIT outflows as a sign of bearish sentiment. Instead, he pointed to a rotation toward smaller or cheaper fee products. "This capital shift reflects a maturing ETF landscape, where investors are becoming more selective among issuers rather than fleeing the market entirely," Ruck said.
Bitcoin Bounces to $61,700; Long-Term Holders Resume Accumulation
Bitcoin climbed from around $58,000 on July 1 to approximately $61,700, up 2.8% in the past 24 hours, mirroring the ETF flow reversal. Glassnode analyst Chris Beamish noted that after a prolonged distribution phase, long-term holders have re-entered net accumulation. Both small wallets and mid-to-large addresses holding 100 to 1,000 BTC are buying the dip, signaling broadening demand.
Beamish also highlighted a buy-heavy order book on Coinbase and a stabilizing Gamma positioning among market makers as early signs of a base-forming process. "The structure is becoming more conducive to a stable market," he added.
While sentiment has improved, Ruck cautioned that sustained inflows over more days are needed to confirm a genuine trend reversal. "The market is moving from a defensive posture to cautious optimism, but we need continuity in buying to call it a true shift," he said.