U.S. spot Bitcoin ETFs finally saw some green on Thursday. The funds pulled in $221.7 million — their best day in about two months. That snapped a brutal 10-day run that had drained roughly $2.7 billion.
June was the worst month on record for these products. Around $4.5 billion walked out the door. Bitcoin itself hit a 21-month low below $58,000 earlier this week before climbing back above $61,000.
Fidelity’s FBTC led the charge with $166 million. ARKB followed at $91.8 million, and VanEck’s HODL added $4.4 million. BlackRock’s IBIT went the other way — it shed $40.4 million, extending its own losing streak from mid-June.
What changed? A weak jobs report helped. The government added just 57,000 nonfarm payrolls in June, well below the 110,000 forecast. Fed Chair Kevin Warsh signaled inflation risks had eased, which cooled bets on further rate hikes. The dollar pulled back.
That combination improved sentiment across the board. Ethereum ETFs posted $14.9 million in inflows Wednesday and $29.1 million Thursday.
Don’t call it a comeback yet. Analysts say this could just be a temporary bounce. Tim Sun from HashKey called it “only a temporary recovery after the easing of interest rate pressure.” Bitcoin’s still tied to the dollar, real interest rates, and whatever the Fed does next.
Stephen Wundke at Algoz Technologies sees bargain hunters moving in. People who were waiting for a bottom or saw oversold assets started buying. His take? Bitcoin might bounce around the bottom for a few more weeks. But the “direction of travel is clear.”
Over on Myriad, users aren’t convinced. They’re giving Bitcoin a 74% chance of hitting $55,000 before $84,000. Same as a week ago.
