U.S. spot Bitcoin exchange-traded funds (ETFs) ended a prolonged period of capital withdrawals, attracting $197.4 million in net inflows during the week ending July 10. This marks the first positive inflow week since early May, breaking an eight-week stretch in which more money exited these funds than entered.

The outflow streak represented nearly two full months of consistent redemption, reflecting a cautious stance from investors amid market volatility and macroeconomic uncertainty. Profit-taking by earlier investors and a risk-off environment contributed to the ongoing withdrawals throughout this period.

The reversal in flows was uneven across the week, with a significant surge occurring in the last session, July 10, which alone saw $90.42 million in net inflows. This surge suggests that the positive momentum was concentrated in the week’s final days rather than evenly distributed.

BlackRock’s IBIT ETF led the inflows on July 10, accounting for $86.81 million of that day’s total, demonstrating a dominant role in driving renewed demand. VanEck’s HODL contributed $3.61 million, while other funds remained largely unchanged. This concentration indicates that renewed interest might be largely confined to selective institutional investors rather than widespread market re-entry.

Similar patterns appear in spot Ethereum ETFs, where BlackRock’s ETHA product has also been the main inflow driver, underscoring the importance of BlackRock’s distribution channels in shaping demand for crypto ETFs.

The $197.4 million net inflow over the week likely includes roughly $107 million aggregated from sessions earlier than July 10, spread among multiple funds but lacking the pronounced concentration seen on the final day.

The return to positive inflows in spot Bitcoin ETFs suggests some stabilization of institutional appetite after a challenging period marked by risk aversion and profit-taking. Given the prominence of ETF flows as a barometer for investor sentiment in the crypto market, this shift may indicate cautious renewed conviction among key allocators.