Bitcoin ETF inflows extend to second week, but recovery lacks momentum

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 Julys 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.

Monthly flows in US-listed spot Bitcoin ETFs since January. Source: SoSoValue

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.”

Crypto Fear & Greed Index. Source: Alternative.me

“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 Citigroups 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.

Related: Prediction markets defy crypto downturn with record Q2 volume: CoinGecko

“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.

Source: Eric Balchunas

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.