Bitcoin
Bitcoin and Ether Spot ETFs Post First Inflows Since April as Prices Rebound
14 Aug 2026, 13:48
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US spot Bitcoin and Ether ETFs returned to net inflows in early July after two straight months of outflows, coinciding with a price rebound that analysts caution may partly reflect short-covering rather than fresh conviction buying.
US spot Bitcoin and Ether exchange-traded funds returned to net inflows in early July, snapping two consecutive months of outflows as recovering crypto prices lifted investor sentiment. Bitcoin spot ETFs pulled in more than $34 million over the first nine days of the month, while Ether spot ETFs attracted roughly $110 million, according to data from SoSoValue, marking the first positive flows into either product category since the first week of May.
The turnaround followed a rough stretch for both funds. Bitcoin spot ETFs lost $4.51 billion in June after shedding $2.43 billion in May, while Ether spot ETFs saw $529 million leave in June on top of $541 million of outflows the month before. The recovery in flows has tracked a broader rebound in prices, with Bitcoin up 9% since the start of July to around $64,100 and Ether up 14% to $1,800. BlackRock remains the dominant issuer across both markets, with its iShares Bitcoin Trust managing $46.3 billion in assets, about 61% of all US spot Bitcoin ETF holdings, and its iShares Ethereum Trust accounting for more than half of Ether ETF assets.
Market participants offered mixed views on how durable the rebound is likely to be. Adam Haemms, head of asset management at Tesseract Group, said spot ETF investors and other allocators have become a larger share of the market's marginal buyer, helping stabilize prices after late-June stress even though part of the bounce reflects short-covering rather than fresh conviction. Jasper De Maere, an OTC trader at Wintermute, made a similar point more bluntly, noting that falling open interest even as prices recover suggests the rally is being driven more by traders closing bearish bets in an illiquid market than by new capital entering.
Both analysts urged caution against reading the rebound as a durable shift in market conditions. Haemms said he would be wary of interpreting "one clean episode as a change of regime," pointing to geopolitical tensions in the Middle East as a continuing source of uncertainty, alongside interest-rate expectations, funding conditions and US spot demand as the key variables to watch going forward. He noted that Bitcoin has recently traded more like a risk asset than a safe haven, with the market buoyed partly by expectations that US interest rates could stay lower for longer. Whether the current stretch of inflows becomes the start of a longer recovery or fades as short-covering runs its course remains, by the analysts' own account, an open question.
The turnaround followed a rough stretch for both funds. Bitcoin spot ETFs lost $4.51 billion in June after shedding $2.43 billion in May, while Ether spot ETFs saw $529 million leave in June on top of $541 million of outflows the month before. The recovery in flows has tracked a broader rebound in prices, with Bitcoin up 9% since the start of July to around $64,100 and Ether up 14% to $1,800. BlackRock remains the dominant issuer across both markets, with its iShares Bitcoin Trust managing $46.3 billion in assets, about 61% of all US spot Bitcoin ETF holdings, and its iShares Ethereum Trust accounting for more than half of Ether ETF assets.
Market participants offered mixed views on how durable the rebound is likely to be. Adam Haemms, head of asset management at Tesseract Group, said spot ETF investors and other allocators have become a larger share of the market's marginal buyer, helping stabilize prices after late-June stress even though part of the bounce reflects short-covering rather than fresh conviction. Jasper De Maere, an OTC trader at Wintermute, made a similar point more bluntly, noting that falling open interest even as prices recover suggests the rally is being driven more by traders closing bearish bets in an illiquid market than by new capital entering.
Both analysts urged caution against reading the rebound as a durable shift in market conditions. Haemms said he would be wary of interpreting "one clean episode as a change of regime," pointing to geopolitical tensions in the Middle East as a continuing source of uncertainty, alongside interest-rate expectations, funding conditions and US spot demand as the key variables to watch going forward. He noted that Bitcoin has recently traded more like a risk asset than a safe haven, with the market buoyed partly by expectations that US interest rates could stay lower for longer. Whether the current stretch of inflows becomes the start of a longer recovery or fades as short-covering runs its course remains, by the analysts' own account, an open question.