After eight consecutive weeks of heavy withdrawals, spot Bitcoin ETFs finally recorded a net inflow of $75.67 million for the week ending July 17. But the recovery was anything but smooth — Monday alone saw a $424.66 million net outflow, the largest single-day withdrawal since June 26. Meanwhile, spot Ethereum ETFs pulled in $105.44 million over the same period, outpacing their Bitcoin counterparts for the first time in months.
A brutal Monday and a slow climb back
The week started with a bang — the wrong kind. Monday's $424.66 million exodus from spot Bitcoin ETFs erased whatever goodwill the prior week's modest inflows had built. It was the biggest one-day hit since late June and a stark reminder that the eight-week losing streak that bled over $8 billion from mid-May to early July isn't over just because the weekly number turned green.
But Tuesday through Friday told a different story. Each day brought fresh inflows: $181 million on Tuesday, $107.8 million on Wednesday, $79.15 million on Thursday, and $132.3 million on Friday. That $500 million-plus in midweek buying was enough to flip the week positive. The cumulative net inflow for Bitcoin ETFs had cratered from $59.34 billion to $51.08 billion during the losing streak; as of July 17, it had nudged back up to $51.35 billion.
Ethereum ETFs flip the script
Ethereum ETFs had their own ugly run. Eight straight weeks of red, losing over $1.1 billion in cumulative net inflows — dropping from $12.09 billion to $10.89 billion. Then came two green weeks in mid-July. The week ending July 17 saw $105.44 million in net inflows, actually beating Bitcoin's $75.67 million. Not bad for a product class that's been written off as a laggard.
The daily flows bounced around: Monday lost $15.41 million, Tuesday added $58.34 million, Wednesday $53.83 million, Thursday lost $28.04 million, and Friday tacked on $36.73 million. The result: cumulative net inflows for Ethereum ETFs rose to $11.08 billion. It's still a fraction of Bitcoin's haul, but the trend line is pointing up for the first time in months.
What the numbers say about sentiment
That Monday outflow from Bitcoin ETFs is the kind of volatility that keeps investors on edge. One bad day nearly wiped out the whole week's progress. The fact that buyers stepped in later suggests there's still appetite, but it's shallow. For Ethereum, the inflows are a sign that money is rotating — or at least that the bleeding has stopped.
Cumulative net inflows tell the story: Bitcoin's $51.35 billion is still a giant pile. Ethereum's $11.08 billion is about a fifth of that. But the momentum has clearly shifted. If Ethereum ETFs can string together a few more green weeks while Bitcoin ETFs keep seeing big one-day outflows, the narrative could change fast.
The next batch of weekly data, due out Friday July 24, will show whether this was a genuine reversal or just a dead-cat bounce in flow terms. One thing's certain: nobody in the ETF business is popping champagne over a $75 million week after losing $8 billion.
