U.S.-listed spot bitcoin exchange-traded funds attracted more than $1 billion in investor money this week, according to SoSoValue data, signaling renewed but still tentative institutional demand.
Analysts described the flows as an improvement while cautioning that the pace must remain robust to support a sustained move higher in bitcoin's price.
"Institutional demand shows tentative improvement. However, flows remain volatile and sustained inflows are needed to confirm a stronger recovery," Vikram Subburaj, CEO of India-based Giottus, said in an email.
How past rallies compared
Since the funds launched in January 2024, bitcoin has had three steep rallies, each accompanied by average daily net inflows above $200 million:
- Jan. 23 to March 14, 2024: Bitcoin rose 79%, from about $39,900 to $71,400. The funds took in an average of $294 million a day, with 10 days of $500 million or more and one of $1 billion or more.
- Aug. 5 to Dec. 17, 2024: Bitcoin gained 96%, from about $54,100 to $106,100. Daily inflows averaged $202 million, with 16 days of $500 million or more and three of $1 billion or more.
- Apr. 6 to Jul. 14, 2025: Bitcoin rose 53%, from about $78,400 to $119,900. Inflows averaged $248 million a day, with 13 days of $500 million or more and two of $1 billion or more.
Across those 199 trading days, the funds took in $46.7 billion, an average of about $235 million a day. There were 39 days of $500 million or more and six of $1 billion or more.
The current pace is slower
Since July 1, bitcoin has gained 39%, from about $60,000 to $83,500. The funds had seven days of $500 million or more in that time, about one in 11 trading days, against about one in five during the three steep rallies.
The average of about $86 million a day is well below the $200 million-plus of those steep rallies, and there has not been a single day of $1 billion or more.
If history is a guide, a steep run higher from here would require a steady pace of inflows. That said, the past is a guide, not a promise. Demand coming through other channels, such as futures or direct purchases of the token in the spot market, can also lift prices.
