The longest Bitcoin ETF sell-off on record is over. Ten straight days of outflows totaling $2.7 billion finally broke this week, with the funds flipping back to net inflows. But don’t pop the champagne just yet.
Swissblock, the crypto investment firm, called it on Thursday. “The storm has passed,” they wrote. “The most overwhelming ETF distribution wave of this bear market has ended.” The funds saw over $500 million in net inflows over three trading days after the streak broke.
Then Wednesday hit with an $84.9 million outflow. So much for a clean recovery.
Swissblock called it a “caveat” to the recovery signal. “ETF accumulation is positive, but not yet strong,” they said. “Institutional conviction is not returning with full force.”
The data from Farside Investors backs that up. The ETFs had bled $2.7 billion from June 17 onward. That’s a lot of institutional money walking out the door. A few days of inflows don’t reverse that sentiment shift.
CryptoQuant analyst IT Tech points to another problem. Futures demand recovered from -295,000 BTC to slightly positive. But spot demand? Still in the red. The bounce has been driven by derivatives traders, not actual buyers putting real money on the table.
“The strongest and most sustainable rallies begin when both futures and spot demand move higher together,” IT Tech wrote. Right now, only one side is moving.
Bitcoin’s price has been stuck in that familiar limbo — not crashing, not rallying, just waiting for a catalyst that hasn’t arrived yet. The ETF outflow streak ending is good news, but it’s not the all-clear signal some want it to be. Institutional demand needs to come back with more conviction before we can call this a real recovery.
