Bitcoin ETFs have attracted over $1 billion in fresh capital this week, pointing to a recovery in investor appetite. However, inflows remain below the levels that historically accompanied Bitcoin’s strongest rallies, according to data reviewed by CoinDesk.
Data from SoSoValue shows renewed demand for U.S.-listed Bitcoin exchange-traded funds. While the rebound suggests institutional buyers may be returning, analysts say sustained investment will be needed to establish a stronger upward trend.
Vikram Subburaj, CEO of India-based Giottus, said institutional interest was showing early signs of improvement but remained inconsistent. He noted that persistent inflows would be necessary to confirm a more convincing recovery.
Strong Bitcoin Rallies Have Coincided With Heavy ETF Buying
Since spot Bitcoin ETFs entered the market in January 2024, BTC has experienced three major upward moves in which its price gained more than 50% without suffering a decline greater than 20% from its peak during the rally.
The first occurred between Jan. 23 and March 14, 2024, when Bitcoin climbed 79%, from roughly $39,900 to $71,400. ETF inflows averaged $294 million daily, with 10 trading sessions recording at least $500 million and one exceeding $1 billion.
The second rally ran from Aug. 5 to Dec. 17, 2024. Bitcoin advanced 96%, rising from approximately $54,100 to $106,100. Average daily inflows reached $202 million, including 16 days with investments of $500 million or more and three days above $1 billion.
During the third rally, from April 6 to July 14, 2025, Bitcoin gained 53%, moving from around $78,400 to $119,900. ETF inflows averaged $248 million per day, with 13 sessions reaching at least $500 million and two surpassing $1 billion.
Combined, the three rallies covered 199 trading days and generated $46.7 billion in ETF inflows. That works out to approximately $235 million per day. Across those periods, inflows reached $500 million on 39 days and exceeded $1 billion on six occasions.
Bitcoin ETF Demand Is Still Below Previous Rally Levels
Since July 1, Bitcoin has risen 39%, advancing from around $60,000 to $83,500. Despite the price increase, ETF buying has not matched the intensity seen during earlier rallies.
There have been seven trading days with inflows of at least $500 million, or roughly one in every 11 sessions. During the three previous major advances, such inflows occurred about once every five sessions.
Daily net inflows have averaged approximately $86 million since July 1, far below the $200 million-plus pace recorded during earlier rallies. The period has also produced no single day with inflows of $1 billion or more.
The gap suggests that ETF demand has yet to reach the levels historically associated with Bitcoin’s sharpest advances. Continued buying at a stronger and more consistent pace could provide additional support for prices.
Still, ETF flows do not tell the entire story. Futures trading and direct spot-market purchases can also influence Bitcoin’s direction, so weaker fund inflows do not necessarily prevent another rally.
