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After ten straight days of investors pulling money out, U.S. spot Bitcoin ETFs finally flipped green on Thursday, July 2nd, with $221.7 million in net inflows according to SoSoValue data. It's the first positive day since June 16 — and a welcome signal after what turned out to be the worst month for Bitcoin ETFs since they launched in January 2024.
Fidelity stole the show. Its FBTC fund absorbed $166 million — nearly three-quarters of the day's total. ARK and 21Shares' ARKB added $91.8 million, with VanEck's HODL picking up a more modest $4.4 million. These three funds did the heavy lifting in reversing a brutal streak that had drained over $2.7 billion from spot Bitcoin ETFs, capped by a record $4.5 billion in June outflows.
The elephant in the room: BlackRock's IBIT. Despite the broader recovery, BlackRock's iShares Bitcoin Trust continued its losing streak — now 11 consecutive days of outflows, shedding $40.4 million on Thursday alone. Around $2.2 billion has exited the fund over that span, and it's been negative on a weekly basis for eight straight weeks. Analysts at LVRG Research suggest this isn't necessarily bearish sentiment — it may reflect investors rotating toward smaller or lower-fee competing products. If true, that's actually a sign of a maturing market, not a collapsing one.
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On-chain data backs the recovery narrative. Glassnode analyst Chris Beamish noted that long-term Bitcoin holders have shifted back into accumulation mode after months of selling, with buying activity broadening across different wallet sizes — from smaller retail holders up to entities holding 100 to 1,000 BTC. He also pointed to a buy-heavy Coinbase order book and supportive dealer positioning near current price levels as signs that the market structure is stabilizing underneath.
Bitcoin itself is cooperating. The asset climbed from roughly $58,000 on July 1 to around $61,730, a 2.8% jump in just 24 hours. Whether this marks the beginning of a genuine sentiment shift or just a temporary relief bounce remains the key question. As LVRG's Nick Ruck put it, sustained inflows — not just one good day — will be needed to confirm the mood has truly changed.
