Bloomberg analyst: Bitcoin ETFs pulled in $750 million in a single week, and OG has stopped selling—expect a rebound

Bitcoin (BTC) has recently shown strong recovery momentum! According to a post by Eric Balchunas, a senior ETF analyst at Bloomberg, on X, since the U.S. Independence Day, Bitcoin has surged 8%, not only significantly outperforming other assets, but also spot ETFs have seen as much as $750 million in net inflows. He also joked that as long as those “OGs” (old-school whales) who have kept suppressing the price over the past 9 months stop selling, Bitcoin’s rebound is just around the corner.
(Background: Did capital flee from AI and move into Bitcoin? Wintermute: The crypto market shows relative strength, but watch for an inflation rebound)
(Additional context: Has Bitcoin hit bottom? Trader KillaXBT: It has completed a 5-wave bear market correction, but this “indicator” signaled 100 days early)

After a stretch of sluggishness and sell-pressure, the Bitcoin (BTC) market seems to finally be seeing a glimmer of light. On July 22, Taipei time, Eric Balchunas, a senior ETF analyst at Bloomberg, published his latest observations on Bitcoin’s recent price action on X (formerly Twitter), revealing a cautiously optimistic tone and pointing the finger at the market’s “OGs.”

SIGNS OF LIFE: Bitcoin up 8% and running circles around everything since America's 250th Birthday. ETF flows are coming back too +$750m in past week. Hard to trust it tho but also hard to imagine it doesn't rebound at some point either. I guess we'll see pic.twitter.com/MnEuvCurJQ

— Eric Balchunas (@EricBalchunas) July 22, 2026

ETF money returns with $750 million; BTC rally dwarfs the rest

In his post, Balchunas led with “SIGNS OF LIFE,” saying that since the U.S. celebrated its 250th Independence Day (July 4), Bitcoin has surged 8%. “It’s running circles around all the other assets,” he described Bitcoin’s strong performance recently.

Beyond the actual boost in coin price, what has boosted market sentiment even more is the renewed interest from institutional capital. The data Balchunas shared shows that capital flows into Bitcoin spot ETFs have also started to show clear signs of returning; over the past week (as of the time of publication), it recorded as much as $750 million in net inflows. Facing this sudden surge, he admitted: “It’s hard to fully believe it, but it’s also hard to imagine it won’t rebound at some point. I guess we’ll see.”

Analysts call out “OG whales”: you’re the wet blanket suppressing the price

Interestingly, in a follow-up post, Balchunas attributed the reason Bitcoin hasn’t fully exploded to sell-offs by early participants in the market. He humorously said: “If those OGs don’t do anything, it will probably rebound.”

He further pointed out that these whales, over the past 9 months, have been like a “wet blanket,” tightly suppressing Bitcoin’s price action. To further drive the point home, he even referenced a classic line from the sci-fi film Star Wars to poke fun at market participants: “Before you respond, feel your own heart first, Luke—you know this is true…”