Bitcoin exchange-traded funds have absorbed nearly $1 billion in fresh capital over the past six trading days, a streak that pushed the spot price to a weekly high of $66,891 yesterday. The rally has since cooled slightly, with Bitcoin trading near $65,860 — down a fraction over 24 hours but still up about 1% for the week. The inflows, concentrated in funds managed by BlackRock, Morgan Stanley, and Grayscale, totaled more than $930 million, according to data compiled by the firms.
Nearly $1B flows into Bitcoin ETFs in six days
The six-day buying spree marks the strongest run for U.S. spot Bitcoin ETFs since their launch earlier this year. BlackRock’s iShares Bitcoin Trust, Morgan Stanley’s Bitcoin Strategy ETF, and Grayscale’s Bitcoin Trust accounted for the bulk of the $930 million-plus haul. The pace suggests institutional demand remains robust even as the broader crypto market struggles to regain its footing after a brutal first half of 2026.
Bitcoin still 50% below its record
Despite the recent inflows, Bitcoin is trading nearly 50% below its all-time high of $126,080. The drawdown follows a massive liquidation event earlier this year, compounded by the escalation of the Trump administration’s military conflict with Iran and persistent inflation. The price action has left many investors questioning whether the worst is over — or if more pain lies ahead.
Analysts split on floor, but see limited upside
CoinShares head of research James Butterfill said this week that Bitcoin has probably reached or is close to its floor, but he sees no significant upside potential in the near term. “The macro headwinds are still very much present,” Butterfill noted, pointing to the U.S. bombing campaign in Iran and rising oil prices, which could fuel further inflation and keep the Federal Reserve hawkish.
NYDIG offered a different take in a report published this week. The firm argued that Bitcoin’s current slump is driven more by supply mechanics — specifically, the distribution of coins from failed exchanges and liquidated miners — than by risk sentiment. NYDIG also highlighted that Bitcoin’s year-to-date performance makes it the worst-performing major asset, trailing U.S. Treasuries, silver, and the Swiss franc. If the current drawdown mirrors the 2022 bear market, the report suggests a potential cycle low near $38,000 to $39,000.
What’s next: war, inflation, and a possible floor
The next few weeks will test whether the ETF inflows can sustain a recovery or if they’re just a temporary reprieve. The Trump administration’s renewed strikes on Iran and the resulting spike in oil prices are the kind of macro shocks that have historically weighed on risk assets, including crypto. For now, the market is watching for any signs of a ceasefire or a shift in Fed policy — neither of which appears imminent. The unresolved question is whether the $38k–$39k zone flagged by NYDIG will hold if the selling resumes.
