US spot Bitcoin ETFs attracted $221.7 million in net inflows on Thursday, the strongest single day since early May, ending a 10-day outflow streak that drained more than $2.7 billion from the products. Fidelity's FBTC led with $166 million, roughly 75% of the day's total, while ARK 21Shares added $91.8 million. BlackRock's IBIT, the largest US spot Bitcoin ETF by assets, posted $40.4 million in outflows, extending an 11-session streak that has pulled more than $2.2 billion since June 17. The reversal followed one of the weakest stretches for the category this year — the funds posted a record $4.5 billion in net outflows during June. The inflows came as Bitcoin reclaimed the $61,000 level after briefly falling below $59,000, with Bitwise CIO Matt Hougan suggesting the market could be nearing a bottom.

The inflows matter because they represent the first material return of structural demand after weeks of sustained withdrawals, and they arrived as Bitcoin held above $61,000. The one-day reversal does not confirm a trend, but it does indicate that some institutional buyers see value at current levels. US spot Ether ETFs also posted $29.1 million in inflows on Thursday, following $14.9 million the day prior, and XRP ETFs returned to positive flows with $6.6 million after two consecutive sessions of outflows, suggesting the reversal extended beyond Bitcoin. The strength of Fidelity's intake — accounting for three-quarters of Bitcoin ETF inflows — points to a narrow buyer base, while BlackRock's continued outflows show distribution pressure remains active.

For traders, the key shift is that the primary selling mechanism that dominated June — sustained ETF outflows — has at least paused, removing a known structural headwind. This does not mean the market rallies immediately, but it does remove one source of consistent pressure. Funding sits at +1.0 basis points per 8 hours, five times the 30-day average of +0.2bp, indicating moderate long positioning but not euphoric leverage. Fear & Greed reads 21, still deep in extreme fear but marginally above the 30-day average of 16. The global crypto market cap climbed 2.4% to $2.22 trillion over the past 24 hours as Bitcoin recovered above $61,000.

Watch whether Fidelity's inflows continue and whether BlackRock's outflow streak breaks — if both flip positive simultaneously, it would signal a coordinated return of institutional demand and a stronger base for a relief rally. If Fidelity's inflows fade and BlackRock's outflows persist, Thursday's reversal is noise and the structural bid remains absent.

Source: CoinTelegraph