Bitcoin and Ethereum ETFs Flip Positive After 8 Weeks

Spot Bitcoin ETF products pulled in $197.40 million during the week ending July 10, and Ethereum funds added $84.42 million, ending eight straight weeks of net outflows that had run since mid-May. SoSoValue data confirmed the twin reversal, which marks the first positive weekly reading for both products in nearly two months and a potential turning point after one of the longest sustained outflow streaks since these products launched.

Eight Weeks of Damage, Then One Positive Week

The prior run was brutal. Bitcoin ETFs had been losing money every week since May 15, with the pace of redemptions accelerating through June. The peak came in the week ending June 26, when $1.79 billion in net outflows hit in a single seven-day stretch. Ethereum funds tracked the same trajectory, with their worst week also on June 26, when $273.34 million left those products. Bitcoin ETFs held no positive week across the entire stretch from May 15 through early July. Ethereum funds matched that record of consecutive outflows for the same period.

With the July 10 week ending positive, Bitcoin net assets climbed to $77.42 billion and Ethereum net assets recovered to $9.59 billion. The recovery had actually started building before the weekly figure confirmed it. The spot Bitcoin ETF category drew $221.72 million on July 2 alone, snapping a 10-day streak of consecutive daily redemptions. That single session set the table for the full week's reversal.

Put those two numbers side by side: $1.79 billion out in one week versus $197.40 million back in during the reversal week. The directional shift is real. The scale of recovery is modest against the damage that came before it. Eight weeks of institutional money leaving a product says something about sentiment. One week of returning money says the sentiment is shifting, not that it has fully shifted.

Will Spot Bitcoin ETF Flows Stay Positive?

The inflow week was built on two macro props. Federal Reserve Chair Kevin Warsh said inflation risks had decreased, shifting the tone around rate expectations and giving risk assets room to breathe. A weak US jobs report landed around the same time and reinforced that signal. Both data points pointed toward a rate environment that typically benefits Bitcoin and risk assets broadly. Bitcoin's price responded, and institutional ETF flows tend to follow price direction with a short lag. That chain held through the first week of July. Buyers who had been sitting out during the eight-week outflow streak used the macro shift as cover to step back in.

But the week was not clean. US strikes on Iran created immediate turbulence in daily ETF flows. Bitcoin ETFs lost $84.86 million on July 8 and shed another $95.30 million on July 9. Two days of geopolitical shock nearly wiped out what the rest of the week had built. The spot Ethereum ETF cohort absorbed its own share of that pressure, though Ethereum still ended the weekly total in positive territory. The margin between a positive and negative week was thin.

The diplomatic situation is unresolved. President Donald Trump said the US and Iran agreed to continue talks, but he declared last month's ceasefire over at the same time. That is not a stable position. For crypto ETF flows, geopolitical escalation historically sends institutional money toward safer assets and away from risk. A genuine resolution in Iran talks would remove the largest single uncertainty hanging over market sentiment right now. The market is reading geopolitical tea leaves as much as it is reading Fed policy.

One positive week after eight negative ones is a start. Not a trend. The $197.40 million that came back in does not cancel the billions that left over the prior two months. If the Iran situation deteriorates, those gains disappear fast. What happens in Tehran this week matters as much as what happens in Washington for ETF flows this summer.