United States spot Bitcoin exchange-traded funds finally recorded a net positive day on Thursday, pulling in approximately $3 million after a historically long period of withdrawals. This marks the first time in 13 trading sessions that these products have seen more money come in than go out.
According to industry data, the modest influx ends a streak that saw over $4.4 billion drain from these funds since mid-May. The reversal, while small, signals a potential shift in investor sentiment after weeks of consistent outflows that accompanied a slide in Bitcoin’s price and a drop in total assets under management.
BlackRock’s IBIT was the primary driver of the turnaround, attracting close to $48 million in fresh capital. However, not all funds shared in the recovery; offerings from Fidelity, Bitwise, and Ark Invest continued to experience net withdrawals during the same session.
The sector’s total holdings have fallen significantly during the outflow period, dropping from over $104 billion to around $80 billion. This decline happened as Bitcoin’s value fell from above $74,000 to below $64,000 over the same timeframe.
Data from on-chain sources indicates that spot Bitcoin ETFs currently hold about 1.277 million BTC. While this is slightly above the February low, it remains roughly seven percent below the all-time high set in October.
Market conditions stayed choppy even after the inflow streak ended. Bitcoin traded near $63,800 on Thursday but later dipped to around $59,100 on Friday, its lowest since October 2024, before recovering above $61,000.
Analysts at Citi recently warned that market participants might be underestimating the impact of ETF flows on Bitcoin’s price. They highlighted that sustained withdrawals from these products were a key factor behind the recent weakness, noting billions in outflows during May and early June.
Elsewhere, spot Ether ETFs also broke a prolonged negative streak, bringing in over $19 million on Thursday after 17 consecutive days of outflows. BlackRock’s ETHA fund accounted for the entire inflow, while other Ether funds saw no net movement.
Assets held by Ether ETFs now stand at nearly $10 billion, with cumulative net inflows since their launch reaching over $11 billion. However, total assets remain about $2 billion below their earlier peak.
In contrast, the newly launched Hyperliquid ETFs continued their positive momentum, adding another $12 million on Thursday and extending an uninterrupted inflow streak since mid-May. Grayscale’s HYPG fund contributed nearly $5 million on its trading debut.