Introduction
US spot Bitcoin exchange-traded funds (ETFs) saw their strongest weekly inflows in nearly 10 months last week, with investors pouring nearly $2 billion into the products amid a sharp rise in Bitcoin's price. The surge has renewed debate among analysts over whether the cryptocurrency is entering a sustained bull phase or heading for a temporary pullback.
Inflows Surge After Months of Outflows
According to SoSoValue data, US spot Bitcoin ETFs recorded $1.92 billion in net inflows during the week ending Friday. Farside Investors data put the figure at $1.9 billion. Both figures represent the funds' best weekly performance since October 2025, a period that coincided with Bitcoin's record high of $126,080.
The weekly inflows mark a dramatic reversal from earlier months. ETF analyst Nate Geraci said Sunday that spot Ether ETFs also attracted about $700 million, with both Bitcoin and Ether funds each posting their strongest weekly inflows since October 2025.
Despite the surge, the funds remain in the red for 2026 on a net basis. US spot Bitcoin ETFs have recorded about $2.91 billion in net outflows so far, according to SoSoValue data. The heaviest monthly outflows came in June at $4.51 billion, following $2.43 billion in withdrawals in May. August, however, has brought $2.38 billion in net inflows through Friday, making it the strongest month for inflows so far this year.
Bitcoin's Price Rally
Bitcoin jumped more than 20% last week, briefly surpassing $79,000 on Friday after starting the week near $63,000, according to CoinGecko. Bitcoin Magazine reports that Bitcoin was up 22% over a seven-day period and recently priced at $78,716, briefly touching $81,160 on Monday. The rise comes after a sluggish June and July when the cryptocurrency mostly traded below $65,000.
The rally contrasts sharply with the downturn since October. During the last major inflow wave in October 2025, the funds attracted $3.42 billion, but those inflows preceded the Oct. 10 crypto market crash, which triggered the largest liquidation event in the industry's history—wiping out roughly $19 billion in leveraged positions within 24 hours, as reported by Cointelegraph. Since Oct. 6, when Bitcoin traded near $124,700, its price has plummeted roughly 38%.
BlackRock's IBIT Leads the Charge
BlackRock's iShares Bitcoin Trust (IBIT) was responsible for much of last week's resurgence, attracting about $1.33 billion in net inflows across five consecutive trading days, according to Farside Investors data. Daily inflows rose from $160.2 million on Monday to $503 million on Thursday before easing to $239.3 million on Friday.
Bloomberg ETF analyst Eric Balchunas highlighted a "classic Flipping the Bird pattern" in IBIT's daily flows, the pattern he viewed as a bullish signal.
Analyst Views on the Bitcoin Rally
CryptoQuant founder Ki Young Ju wrote on X Tuesday that Bitcoin has "entered into the early bull phase," pointing to movements the cryptocurrency made in previous cycles before entering a bull market. CryptoQuant research shows that Bitcoin flows to derivative exchanges have started again, confirming that traders have entered "risk-on mode," a behavior that has historically marked the start of a new bull cycle.
The bullish outlook was echoed by CryptoQuant analyst Theophiluspep, who noted that "spot demand, ETF flows, and market momentum have turned decisively bullish," but warned that "elevated profit-taking, exchange inflows, and overbought conditions suggest a potential near-term cooldown." He added that the move looks increasingly like a "genuine regime shift" driven more by improving spot demand and institutional ETF buying than by excessive leverage.
Macro Context
Bitcoin Magazine attributes the change in sentiment to the Treasury Department's announcement last week to at least double the size of its long-dated yield buybacks. Since that announcement, the magazine reports, yields have gone down while Bitcoin and gold have shot up. The magazine also notes that the dollar last week was trading at a three-month low and on track for its worst week of August.
Bitcoin had its best week since 2023, the magazine reported, while Cointelegraph noted that the weekly jump matched the strongest ETF inflow week since October 2025—the same week Bitcoin reached its all-time high.
Outlook
While the latest inflow surge and price rise have undeniably been sharp, the wider 2026 context remains mixed. ETFs are still net negative for the year, and Bitcoin remains far below its October highs. Whether the current momentum represents a durable regime shift or a brief rally before a pullback is a question analysts are seeking to answer. Bitcoin’s path forward, the sources suggest, will likely hinge on whether spot demand and institutional buying continue to outweigh profit-taking and overbought conditions.
Note: figures reported in this article rely on the data providers cited by the original reports—SoSoValue, Farside Investors, and CoinGecko—as well as interpretations by ETF analysts Nate Geraci and Eric Balchunas, and CryptoQuant analysts Ki Young Ju and Theophiluspep.