Bitcoin ETFs Pull In $1.08B in Three Days, Yet a Major Rally Remains Uncertain

Bitcoin exchange-traded funds (ETFs) are attracting renewed investor interest, but inflows have yet to reach the levels historically associated with sharp and sustained price rallies.

U.S.-listed Bitcoin ETFs have received more than $1 billion in investments this week, according to SoSoValue data. The increase suggests institutional demand for BTC may be recovering, although analysts caution that inflows must remain strong to support a lasting upward move.

“Institutional demand shows tentative improvement. However, flows remain volatile and sustained inflows are needed to confirm a stronger recovery,” Vikram Subburaj, CEO of India-based Giottus, said in an email.

Historical data supports the view that substantial ETF demand can accompany major Bitcoin advances. Previous rallies have typically coincided with average daily net inflows exceeding $200 million.

Since spot Bitcoin ETFs launched in January 2024, the cryptocurrency has experienced three major rallies in which its price climbed more than 50% without falling over 20% from its highest point during each advance.

During the first rally, from Jan. 23 to March 14, 2024, Bitcoin surged 79%, rising from approximately $39,900 to $71,400. ETFs attracted an average of $294 million per day, including 10 trading days with inflows of at least $500 million and one day exceeding $1 billion.

The second rally lasted from Aug. 5 to Dec. 17, 2024. Bitcoin climbed 96%, advancing from around $54,100 to $106,100. Daily ETF inflows averaged $202 million, with 16 days recording at least $500 million and three days reaching $1 billion or more.

In the third rally, between April 6 and July 14, 2025, Bitcoin gained 53%, moving from approximately $78,400 to $119,900. Average daily inflows reached $248 million, while 13 days saw investments of at least $500 million and two recorded inflows of $1 billion or more.

Across these three periods, spanning 199 trading days, Bitcoin ETFs attracted a combined $46.7 billion. That translates to an average of roughly $235 million per day. The funds recorded 39 days with inflows of $500 million or more and six days when investments exceeded $1 billion.

Current ETF Demand Remains Below Historical Levels

Bitcoin has gained 39% since July 1, climbing from approximately $60,000 to $83,500. However, ETF inflows during this period have been considerably weaker than those seen during previous sharp rallies.

The funds recorded seven days with inflows of at least $500 million, or approximately one in every 11 trading days. During the three earlier rallies, such days occurred roughly once every five trading days.

Average daily inflows since July 1 have been around $86 million, well below the $200 million-plus levels associated with previous major advances. The funds have also yet to record a single day with inflows of $1 billion or more during this period.

The comparison suggests that ETF demand has not yet reached the strength historically linked to Bitcoin’s steepest rallies. Continued and consistent investment could be necessary to support another substantial advance.

However, ETF flows are only one factor influencing Bitcoin’s price. Demand through futures markets and direct spot purchases can also contribute to upward momentum, meaning weaker ETF inflows alone do not rule out a stronger rally.

About The Author

ctleditor

See author's posts