The bleeding has finally eased.
Bitcoin and Ethereum spot ETFs just posted their first net-positive week after eight consecutive weeks of outflows, attracting a combined $281.8M. That's a notable shift after more than $8.2B exited Bitcoin ETFs alone during the previous eight weeks.
The bigger story is who is driving the recovery.
BlackRock is leading the rebound. Its IBIT fund recorded a $209M inflow on July 6—the first major positive day in weeks—and followed it with another session where IBIT's inflows exceeded those of the entire Bitcoin ETF market. The fund now manages roughly $46.3B in net assets. When BlackRock steps in, the market pays attention.
Price action is beginning to reflect the renewed demand. Bitcoin briefly reclaimed $64K before settling near $63K, while Ethereum trades around $1,767, still well below the excitement that surrounded its ETF launch.
Ethereum is quietly showing signs of improvement too. Spot $ETH ETFs have now logged four consecutive days of positive inflows, their strongest week since April. Meanwhile, the prospect of staking-enabled ETFs is gaining attention, with many viewing them as the catalyst that could transform $ETH from a passive investment into a yield-generating institutional asset.
Opinions remain divided:
• Citi lowered its 12-month $ETH target to $2,240, citing softer demand.
• Standard Chartered still sees $7,500 by year-end if regulation becomes more favorable.
• Prediction markets currently point to a range between $3,000 and $3,500.
The return of positive ETF flows is encouraging, but one strong week doesn't erase two months of persistent outflows. And with BlackRock accounting for much of the rebound, the recovery is promising—but still heavily concentrated.
Is this the beginning of a sustained turnaround, or just an early bounce supported by one major player?
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