Spot Bitcoin ETFs have broken a streak of 10 consecutive days of net outflows, recording $221 million in inflows in a single day, according to data compiled by Bloomberg Intelligence. This sharp reversal in ETF flows comes as Fed Chair Kevin Warsh stated that inflation risks “have diminished,” reinforcing expectations of continued monetary easing.
This marks the first day of positive net inflows since June 23 and the largest daily inflow since May 7. The previous weekly outflow record — $1.2 billion over the seven days leading up to June 27 — had created significant selling pressure on Bitcoin, which was oscillating around $60,000. At the time of writing, Bitcoin is trading at $62,066, up 0.85% over 24 hours, with the total crypto market capitalization approaching $2.26 trillion.
A Signal of Institutional Confidence
BlackRock’s IBIT product was the primary beneficiary of these inflows, attracting approximately $140 million, followed by Fidelity’s FBTC with $52 million. Grayscale’s GBTC recorded its first net inflows in three weeks, suggesting that the selling pressure associated with trust-to-ETF conversions may be easing.
Eric Balchunas, ETF analyst at Bloomberg, noted that “the breaking of the outflow streak after 10 days was expected given the favorable macroeconomic context. The fact that inflows exceeded $200 million on the first green day is a signal of renewed confidence from institutional investors.”
This flow recovery comes amid a recalibration of monetary policy expectations. Warsh’s comments suggesting that inflation risks have diminished, combined with the June US jobs report showing only 57,000 job creations (against 180,000 expected), have strengthened the narrative of continued rate cuts. Markets are now pricing in a 72% probability of a rate cut at the September FOMC meeting, according to CME FedWatch data.
The sustainability of these inflows in the coming days will be crucial for Bitcoin’s ability to hold above the $62,000 level and potentially test resistance at $65,000. Analysts consider that a week of sustained inflows would confirm the institutional return to crypto assets through regulated products.
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