Bitcoin ETF

Bitcoin

Bitcoin (BTC) institutional demand is “not yet strong” despite positive inflows to the US spot Bitcoin exchange-traded funds (ETFs).
Key points:
<ul>
 <li>Bitcoin ETF flows reverse a ten-day losing streak, but analysis warns that demand remains weak.</li>
 <li>An "overwhelming" sell-off is nonetheless over, says Swissblock.</li>
 <li>Overall BTC demand shows a clear gap between spot and derivatives trends.</li>
</ul>
<h2 id="swissblock-on-bitcoin-etf-outflows-the-storm-has-passed">Swissblock on Bitcoin ETF outflows: "The storm has passed"</h2>
In <a href="https://x.com/swissblock__/status/2074978267023417752" rel="noopener noreferrer nofollow">new X commentary</a> on Thursday, crypto investment company Swissblock called an end to the “most overwhelming” ETF sell-off in history.
“The storm has passed: The most overwhelming ETF distribution wave of this bear market has ended,” it wrote.&nbsp;
<blockquote>
 “As Bitcoin Risk continues easing from Capitulation Risk, Spot ETF flows have turned slightly positive again.”
</blockquote>
Beginning June 17, the ETFs saw ten straight days of net outflows totaling $2.7 billion, data from UK-based investment company <a href="https://farside.co.uk/bitcoin-etf-flow-all-data/" rel="noopener noreferrer nofollow">Farside Investors</a> confirms.
The cohort then <a href="https://cointelegraph.com/markets/bitcoin-bulls-battle-for-63k-as-micron-stock-eyes-10-drop-in-us-chip-sell-off" rel="noopener noreferrer nofollow">began to reverse the trend</a>, and saw over $500 million of net inflows over three trading days before a net $84.9 million outflow for Wednesday.<img alt="" height="565" src="https://s3-images.ctmedia.io/media/content/screenshot-2026-07-09-120807.png" width="1017">
US spot Bitcoin ETF netflows (screenshot). Source: Farside Investors
 Swissblock described the results as a “caveat” to the recovery signal.
“ETF accumulation is positive, but not yet strong. Institutional conviction is not returning with full force,” it added.&nbsp;
<blockquote>
 “Has the storm passed? Or is Bitcoin simply in the eye of the storm?”
</blockquote><img alt="" height="1520" src="https://s3-images.ctmedia.io/media/content/hmvndwbwgaaqfu6.png" width="2380">
US spot Bitcoin ETF netflows. Source: Swissblock/X
<h2 id="bitcoin-spot-markets-fail-to-match-futures-demand-rebound">Bitcoin spot markets fail to match futures demand rebound</h2>
As <a href="https://cointelegraph.com/markets/bitcoin-needs-one-more-thing-to-happen-to-spark-btc-price-rally-analysis" rel="noopener noreferrer nofollow">Cointelegraph reported</a>, analysis sees overall demand as a key stumbling block on the way to a bullish market recovery.
Related: <a href="https://cointelegraph.com/markets/btc-speculators-in-focus-as-analysis-says-textbook-bitcoin-bottom-is-underway" rel="noopener noreferrer nofollow">BTC speculators in focus as analysis says 'textbook Bitcoin bottom' is underway</a>
In <a href="https://cryptoquant.com/insights/quicktake/6a4e85967a878621f527703f-Bitcoin-demand-just-staged-one-of-its-sharpest-recoveries-this-year" rel="noopener noreferrer nofollow">fresh research</a> for onchain analytics platform CryptoQuant this week, contributor IT Tech saw conditions partially improving, albeit with a clear divide between spot and derivatives markets.
“A week ago, the 30-day cumulative demand was close to -500K BTC. Today, it’s recovered to roughly -75K BTC,” they summarized.
In that time, futures demand went from -295,000 BTC to a “slightly positive” figure, while spot demand stayed negative.
“This tells us something important. The latest bounce has been driven primarily by derivatives traders, while spot buyers are still relatively cautious,” IT Tech commented.&nbsp;
<blockquote>
 “Historically, the strongest and most sustainable rallies begin when both futures and spot demand move higher together.”
</blockquote><img alt="" height="866" src="https://s3-images.ctmedia.io/media/content/screenshot-2026-07-09-121535.png" width="1535">
Bitcoin demand comparison (screenshot). Source: CryptoQuant

Bitcoin ETFs end 'most overwhelming' $2.7B sell-off amid new $85M net outflow

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