An eight-week nightmare streak has finally broken. US spot Bitcoin ETFs recorded $197.4 million in net inflows for the week ending Friday, July 10, 2026 - marking the first wave of capital inflows since relentless outflows began in May.
The figure offered a long-awaited breath of fresh air for a suffocated market. But beneath the euphoria, one detail has led some analysts to stay cautious rather than join the celebration.
BlackRock Drives the Surge, XRP Left Alone in the Red
According to data from Farside Investors, the majority of this week’s inflows were driven by BlackRock’s iShares Bitcoin Trust (IBIT), which pulled in $291.9 million on its own. That massive tally was partially offset by outflows from Grayscale Bitcoin Trust, Fidelity Wise Origin Bitcoin Fund, and ARK 21Shares Bitcoin ETF, leaving net inflows at $197.4 million.
Bitcoin was not the only asset breathing a sigh of relief. US spot Ether ETFs also broke their eight-week outflow streak with $84.42 million in net inflows, led by Ether funds from BlackRock and Fidelity. A recap of fund flows for the week showed nearly all assets in the green: BTC +$197.40 million, ETH +$84.42 million, SOL +$930.43 thousand, and HYPE +$10.36 million. Only XRP was left stranded in the red with $7.18 million in outflows.
Why This Analyst Remains Skeptical
Markus Thielen, founder and CEO of 10x Research, believes it is still too early to call this a full recovery in institutional appetite. He pointed to a recurring pattern over recent months: Bitcoin tends to perform strongly in the first half of the month, only to consolidate in the second half.
“Without missing underlying flows and ETF flows yet to firmly pick up, even after Bitcoin rallied more than 9%, headwinds remain in our view,” he said. The context cannot be ignored: this week’s $197.4 million inflow pales in comparison to the $8.26 billion investors have pulled from Bitcoin ETFs since May 11, 2026, when the products recorded their largest quarterly outflows in history during Q2.
So, is this a turning point or merely a brief pause in a broader downtrend? One green week is not enough to erase two months in the red. What is clear is that, for the first time in a long while, the arrows have shifted direction - and the market will be watching closely to see whether this momentum holds or evaporates like before.
Source: Cointelegraph.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
