US-listed spot Bitcoin exchange-traded funds recorded a second consecutive week of net inflows after nearly two months of capital flight, raising hopes that cryptocurrencies may be finding a floor.
The 13 spot Bitcoin ETFs attracted $75.7 million last week, adding to the $197.4 million they secured the previous week. That’s despite investors draining $424.7 million from the funds last Monday after renewed military conflict between the US and Iran.
The reversal, combined with flows into ETFs tied to Ether, the second-largest cryptocurrency, could signal positive sentiment returning to the market, according to Richard Galvin, executive chairman at crypto investment firm DACM.
“I think it is a sign of bottoming,” Galvin said. “Given their size and breadth, the ETFs have become a good read on general sentiment to Bitcoin and the sector. So an about-face after eight straight weeks, now confirmed across a fortnight, is positive.”
Bitcoin has moved back above its 200-week moving average, which stands at around $63,300 and is seen as a critical demarcation line between a prolonged bearish or bullish market. For weeks the token has remained largely constrained in a $60,000 to $65,000 range amid broader macro uncertainty.
Bitcoin showed resilience in Asia today even after fresh US strikes on Iran, briefly rising above $65,000 in early trading. Yet the war carries inflation risks.
The prospect that the US Federal Reserve may raise interest rates could be holding off a full return of institutional capital, according to Damien Loh, chief investment officer at Ericsenz Capital. Passage of the long-awaited Clarity Act, a US market-structure bill, before Congress’s August recess could provide a catalyst for Bitcoin to move higher, he added.
Bitcoin’s recent price action indicates “strong support, despite a downturn in risk assets and with hostilities renewed in the Middle East,” Loh said. “The US-Iran conflict matters in so much as it increases interest rates, which affect all risk assets.”
Bitcoin is down roughly 10% since the start of June, when Strategy Inc. disclosed that it had sold a small portion of its holdings for the first time since 2022. Founder Michael Saylor had positioned the company as a Bitcoin accumulator, vowing to continuously buy the cryptocurrency with proceeds from equity sales and to never sell it.
More recently, with Bitcoin sitting around half its October high of $126,000, it became increasingly difficult for Strategy to meet its dividend obligations. Saylor signaled a greater willingness to sell the token when necessary, and the company disclosed on July 6 that it sold another $216 million of Bitcoin, significantly higher than the previous $2.5 million sale.
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Published on July 20, 2026