U.S.-listed spot Bitcoin ETFs finally caught a break on Thursday, pulling in $221.7 million in net inflows and ending a grueling 10-day streak of outflows that had drained nearly $2.73 billion from the funds. The daily inflow was the largest in two months, according to data from SoSoValue, offering a momentary sigh of relief for a market that has been battered by persistent selling.
Inflow Breakdown: Fidelity Leads, BlackRock Bucks the Trend
Fidelity’s FBTC led the charge with a hefty $165.96 million inflow, accounting for the bulk of the day’s positive flow. ARK 21Shares Bitcoin ETF (ARKB) added $91.84 million, and the VanEck Bitcoin Trust (HODL) chipped in $4.35 million. However, BlackRock’s iShares Bitcoin Trust (IBIT), the world’s largest Bitcoin ETF, was the outlier with a $40.43 million outflow. The divergence suggests that while investor appetite is returning broadly, some profit-taking or rebalancing may be happening in the biggest fund.
A Drop in the Ocean? Year-to-Date Outflows Still Sobering
Despite the one-day rebound, the broader picture remains sobering. Year-to-date net outflows for spot Bitcoin ETFs still stand at roughly $5.4 billion, meaning Thursday’s inflow barely makes a dent in the total. The 10-day outflow streak had seen investors pull $2.73 billion, a sign of sustained bearish sentiment that only just paused. Analysts caution that a single day of inflows does not signal a trend reversal; consistent flows over weeks would be needed to confirm a lasting recovery in Bitcoin demand.
Bitcoin’s price has also responded, climbing back to around $61,700 after touching 21-month lows below $58,000 earlier in the week. The bounce was aided by the ETF inflow and a broader crypto market short squeeze that lifted Ether and Solana as well. Still, the price remains well below the highs seen earlier in the year.
The On-Chain Context: Long-Term Holders Show Conviction
Interestingly, on-chain data provides a counterpoint to the ETF outflows. According to a recent analysis by BTC-Pulse, Bitcoin long-term holders have shifted back toward accumulation, a constructive signal that contrasts with the institutional selling seen through ETFs. This divergence between retail-oriented on-chain behavior and institutional flow dynamics adds complexity to the market outlook.
BTC-Pulse Take
Thursday’s $221 million inflow is a welcome reprieve, but it’s not yet a clear victory. The ETF market remains fragile, and a return to sustained inflows will require a broader shift in macro sentiment or a catalyst such as regulatory clarity or a major adoption event. For now, traders should watch the next few days closely: a repeat of inflows would build confidence, while another outflow streak would confirm that the selling pressure is far from over. The on-chain accumulation by long-term holders offers a glimmer of hope, but price action and ETF flows remain the immediate litmus test for Bitcoin’s short-term direction.
Related reading in market: Tom Lee Blames Quarter-End Positioning for Crypto Weakness as BitMine Adds $43M in ETH and XRP Bulls Test $1.10 Resistance as Higher Lows Signal Accumulation offer complementary analysis.
