Bitcoin Surges Past $65,000 as Inflation Cools — But ETF Data Shows a Fragile Rebound

Bitcoin edged above $65,000 during early Asian trading on July 15 — its strongest price since mid-June .

ETF Performance: Second Consecutive Week of Net Inflows (Week Ending July 18)

After an eight-week rout, U.S. spot crypto ETFs posted a second straight week of positive inflows, though the pace was modest and choppy.

Week of July 13–17 (settled July 18):

• Spot Bitcoin ETFs recorded a net inflow of approximately $75.5 million . BlackRock's IBIT led with $204.1 million in inflows, while Fidelity's FBTC saw $181.1 million in outflows, creating a narrow net positive .
• Spot Ethereum ETFs outperformed Bitcoin funds, pulling in roughly $105.4 million — meaning Ether funds beat Bitcoin funds on weekly inflows for the first time in this period . Ethereum's share of total combined inflows was about 58%, signaling a rotation toward ETH exposure .
• On the final trading day of the week (July 17), spot Bitcoin ETFs drew $132 million and spot Ethereum ETFs added $36.73 million, per SoSoValue data .

The prior week (July 7–11): Combined Bitcoin and Ethereum spot ETFs recorded $281.8 million in total net inflows, ending the eight-week outflow streak. Bitcoin funds took in $197.4 million and Ether funds added $84.4 million .

Daily flow snapshots across the rebound period:

Sources:

The Prior Eight-Week Outflow Streak That Drained Over $8 Billion

From May through late June 2026, U.S. spot Bitcoin and Ethereum ETFs bled capital in the longest consecutive weekly outflow streak since the products launched.

The eight-week streak saw roughly $8 billion in cumulative net outflows across both BTC and ETH ETFs . The worst stretch included a 10-day, $2.73 billion Bitcoin ETF redemption run in late June that ended only on July 2 . June 2026 alone saw approximately $4 billion exit Bitcoin ETFs — the worst monthly outflow on record for the product category .

Analysts' Warnings That the Rebound Remains Fragile

Despite the two-week inflow reprieve, multiple analysts described the recovery as tentative and shallow.

Year-to-date outflows are still near $5.4 billion. Investing.com reported that as of early July, cumulative 2026 net outflows across all U.S. spot Bitcoin ETFs stood at $5.4 billion — "one of the worst institutional selloffs in Bitcoin ETF history" — and the July 2 inflow of $221.7 million recovered only about 4% of the capital that had exited in 2026 .

Most ETF holders are underwater. According to Glassnode data cited in early July, the average Bitcoin ETF entry price was approximately $83,800 — roughly 23% above Bitcoin's mid-July price near $64,500–$65,000, meaning the majority of ETF buyers who purchased in 2024–2025 were still holding at a loss .

Daily flows remain volatile. The week ending July 18 included a single-day Bitcoin ETF outflow of $424.7 million on July 13, underscoring that institutional conviction has not fully returned . Long-term holders who bought near highs were also "selling into strength" — using the bounce to exit at a loss rather than holding for a larger recovery .

Macro risks linger. The Fed held rates at 3.50%–3.75% and removed dovish language from its statement, making a September rate hike a real possibility. The $65,000–$65,500 zone (the 50-day moving average) acted as a resistance ceiling that Bitcoin had not cleanly broken through as of late in the week .