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Spot Bitcoin ETFs have witnessed steady inflows, marking 7 consecutive days of inflows for the first time in 9 months. This comes as the Bitcoin price holds firm above $65,000 levels, as investors look forward to the next leg of the journey. With institutions returning to fresh buys, the bigger question is whether the Bitcoin bear market is over.
Spot Bitcoin ETFs Clock 7-Day Inflow Streak
In their latest report, market intelligence platform Santiment said that US spot Bitcoin ETFs have seen seven consecutive days of net inflows since July 14. The Bitcoin investment funds have seen $981 million returned as BTC price jumps past $66,000.
According to Santiment, the sustained inflows mark a notable turnaround following heavy outflows during May and June. This shows that investor confidence in Bitcoin is recovering again.
The analytics firm noted that the last ETF inflow streak of similar length occurred in early October 2025, when Bitcoin was approaching its $126,000 all-time high. It added that current inflows could support a move in BTC’s price to $70,000.
However, the firm warned that an unusually large single-day ETF inflow could signal excessive investor FOMO. This means that a local market top is forming.
On Wednesday, July 22, spot Bitcoin ETFs saw net inflows of $69 million, with BlackRock’s iShares Bitcoin Trust (IBIT) contributing the most. IBIT recorded net inflows of 589 BTC, worth $38.78 million, according to Farside Investors. The spot Bitcoin ETF also generated approximately $900 million in trading volume during the session.
Do Bitcoin ETF Inflows Confirm BTC Trend Reversal?
Although inflows into spot Bitcoin ETFs mark a recovery in institutional BTC inflows, investors are not confident that it marks the end of the Bitcoin bear market.
Crypto asset manager Grayscale said Bitcoin’s current bear market could persist until September or October. This is as per the thesis if the four-year crypto market cycle plays out.
According to the firm, previous Bitcoin bear markets typically bottomed about one year after the market peak. Back then, BTC experienced drawdowns of up to 80%. Over the past year, BTC price has been down by 50% since its all-time high of $125,000.
However, Grayscale said it places greater emphasis on a macroeconomic framework. The asset manager believes that BTC has matured as an asset class with its performance closely influenced by economic growth and interest rate movements.
The firm added that for Bitcoin to thrive in this scenario, it is important that the US economy remains resilient. All eyes will be on the Federal Reserve rate hike decision moving ahead.
Bitcoin Whales Cut Down BTC Long Positions
Crypto analyst Justin Bennett said Bitcoin may be showing signs of distribution rather than accumulation. Citing on-chain indicators, Bennet said that BTC whales have reduced their long exposure relative to retail traders.
The analyst said the shift in positioning by Bitcoin whales does not necessarily signal an imminent selloff. However, he said investors need to remain cautious at this stage.
Bennett added that although market participants expect Bitcoin to rally toward $67,300 and $69,000, the current move doesn’t have enough fuel to sustain the momentum. He identified $66,240 as a key support level, saying the uptrend remains intact if BTC holds above it on the 4-hour timeframe and higher.
