US-based spot bitcoin ETFs have lost over $8 billion in total during an eight-week period of uninterrupted outflows since mid-May, the longest outflow streak since their launch, surpassing the previous record of just five weeks. Total net outflows since the beginning of the year have reached $5.53 billion. During this period, bitcoin experienced a sharp drop from its October peak of $126,000 to a 21-month low of $58,000.

This trend reversed on July 2nd, when a single-day inflow of $221.72 million was recorded – the strongest single-day result since May 5th – breaking a ten-day outflow streak. While Fidelity's FBTC attracted the majority of this inflow, the largest fund, IBIT, still experienced outflows of $40.43 million that day. Over the following three days, total inflows reached approximately $510 million, a move that 21Shares research head James Butterfill described as a shift in momentum following "the biggest outflow wave we've seen," noting that sentiment now seems to be turning a corner.

An interesting detail during this three-day series is that while IBIT led the way on the first day, different funds took the lead in the following days. On Tuesday, for example, IBIT offset outflows from Fidelity and ARK with inflows of $54.80 million, while the category total remained around $21.44 million, meaning the inflow pace slowed slightly from the initial day's strength, but the series didn't end. Ethereum ETFs also showed a parallel recovery, recording inflows for four consecutive days, while HYPE and Solana products continued to attract demand during this period.

However, this recovery shouldn't be exaggerated. According to Glassnode data, the average bitcoin ETF buyer opened their position at around $83,800, meaning that at current prices, the vast majority are still at a loss. Since last year's peak, large investors have sold over $40 billion worth of bitcoin, and while this selling pressure has begun to ease recently, it hasn't completely disappeared. Butterfill from 21Shares emphasizes that the Fed's monetary policy stance, the inflation outlook, and geopolitical tensions in the Middle East are still weighing on bitcoin price performance and ETF investor sentiment.

For those tracking bitcoin ETF flows via Gate, the key point to watch is that this three-day positive streak is a real and meaningful signal, but it's still far from offsetting the $8 billion outflow over eight weeks. Whether this recovery is sustainable depends on whether these inflows continue in the coming days, spreading across multiple issuers rather than being tied to a single fund like IBIT.

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