Spot Bitcoin ETFs pull in $517M, biggest weekly inflow in 3.5 months

After five consecutive weeks of cumulative outflows totaling $3.8 billion, US spot bitcoin ETFs have returned to positive net flows. The $517 million recorded over the week marks their best score in three and a half months, signaling a gradual return of institutional demand.

A breather after five weeks of outflows

After a brutal five-week streak during which approximately $3.8 billion cumulatively exited US spot bitcoin ETFs, the market is finally catching its breath. The reference week tallied $517 million in net inflows, according to SoSoValue data relayed by The Block—the best weekly result in 3.5 months.

The peak selling pressure was reached during the week ending January 30, with approximately $1.49 billion in net negative flows. This turnaround does not, however, signal a full return of buyer conviction: the daily dynamic remains choppy, with two significant redemption sessions on Thursday and Friday.

Anatomy of a contrasting week

The analysis of daily flows reveals a zigzag trajectory, typical of a market still hesitant. On Monday, ETFs attracted $458.19 million, before Tuesday recorded $225.15 million. The high point came Wednesday with $461.77 million in net inflows, followed by a marked reversal on Thursday (-$227.83M) and Friday (-$348.83M).

Among the symbolic winners, the Grayscale Bitcoin Trust (GBTC)—long the sector’s scapegoat due to its prohibitive management fee (1.5%)—recorded on Wednesday its largest daily inflow since its conversion to ETF structure in January 2024. A notable performance for a fund historically oriented toward outflows.

BlackRock and the breakdown by fund

BlackRock confirms its structural dominance of the segment. The iShares Bitcoin Trust (IBIT) captured approximately $652 million over three consecutive sessions, representing more than half of total flows according to SoSoValue, as reported by CoinDesk. A hegemony that faces no challenge in the crypto ETF landscape.

On a cumulative basis, the distribution of flows over the recent period draws a clear hierarchy of products:

The Grayscale Bitcoin Trust remains the only fund to show net outflows, with -$56.1M. Since its conversion to ETF, GBTC has lost more than $20 billion in assets under management—a hemorrhage that illustrates the cost of management fees that are too high in a now highly competitive market.

On-chain signals: the return of US demand

Beyond the ETF flows themselves, several on-chain indicators confirm a change in tone. The Coinbase Premium Index, which measures the price gap of bitcoin between Coinbase (the dominant US platform) and the rest of the global market, turned positive after 40 consecutive days in the red, according to Checkonchain data relayed by CoinDesk.

This turnaround is interpreted by analysts as a sign of returning US institutional buying pressure, consistent with the observed ETF flows. At the same time, total bitcoin holdings across US spot ETFs reached 1.29 million BTC, placing assets under management within 10% of their October 2024 peak.

Ether ETFs, derivatives, and macro context

On the spot ether ETF side, the dynamic is also encouraging. After $80.46 million in inflows the previous week, the funds followed up with an additional $23.56 million, recording their first positive weekly streak since early October, according to SoSoValue data. Cumulative AUM across crypto vehicles now exceeds $50 billion.

These prior massive redemptions had peaked during the week ending January 23, with approximately $611 million in outflows, after more than $1.38 billion cumulatively over five weeks. The return to positive flows therefore constitutes a major technical signal for the altcoin market.

« Anyone still arguing that bitcoin is not digital gold is wasting their breath. Bitcoin is not trying to be gold. Bitcoin makes gold look slow. »

Fernando Nikolić, Marketing Director at Blockstream

These flows contrast, however, with the price evolution of bitcoin, which remains consolidating in the $60,000 range, down approximately 45% from its October 2024 record. Open interest on the CME (Chicago Mercantile Exchange) continued to contract, falling to 107,780 BTC according to Glassnode, cited by CoinDesk. A decline that suggests ETF purchases reflect spot long positions rather than basis trade activity (arbitrage between futures contracts and spot market).

The macroeconomic context remains favorable to risk assets. The Federal Reserve cut its policy rates by 50 basis points on September 18, a decision that briefly pushed bitcoin above $64,000 for the first time in a month.

Conclusion

The return of net inflows into spot bitcoin ETFs, after five weeks of selling pressure, marks a major psychological turning point for the crypto market. While the daily dynamic remains fragile—with two negative days on Thursday and Friday—the dominant presence of BlackRock and the reversal of the Coinbase Premium confirm a change in narrative: US institutions are beginning to accumulate again.

Three scenarios emerge for the coming weeks: a hold around current levels with technical consolidation between $55,000 and $65,000; a relapse below $55,000 if flows turn negative again; or—a bullish scenario—a break above $70,000 if the Fed confirms prolonged monetary easing. The next days of ETF trading will be closely watched as the primary barometer of institutional confidence.

Sources

• The Block – US spot bitcoin ETF $517M inflows
• Yahoo Finance – Bitcoin ETFs snap two-month streak
• TradingView / Cointelegraph – Spot bitcoin ETFs post second straight weekly inflows
• ETF.com – Bitcoin ETFs hit new high $177B inflows
• CoinDesk – US spot bitcoin ETFs set for biggest week
• Investopedia – Spot bitcoin ETF winners and losers

This article is published for informational and educational purposes only. It does not constitute investment advice. Do your own research (DYOR) before any decision.