Bitcoin ETF 'Storm Has Passed' as $2.7B Outflow Streak Ends: Swissblock

Bitcoin spot ETFs posted a fresh net outflow on Wednesday as analysis said that their "most overwhelming" outflow streak had ended without a clear demand recovery.

Bitcoin (BTC) institutional demand is “not yet strong” despite positive inflows to the US spot Bitcoin exchange-traded funds (ETFs).

In new X commentary on Thursday, crypto investment company Swissblock called an end to the “most overwhelming” ETF sell-off in history.

“The storm has passed: The most overwhelming ETF distribution wave of this bear market has ended,” it wrote.

Beginning June 17, the ETFs saw ten straight days of net outflows totaling $2.7 billion, data from UK-based investment company Farside Investors confirms.

The cohort then began to reverse the trend , and saw over $500 million of net inflows over three trading days before a net $84.9 million outflow for Wednesday.

US spot Bitcoin ETF netflows (screenshot). Source: Farside Investors

Swissblock described the results as a “caveat” to the recovery signal.

“ETF accumulation is positive, but not yet strong. Institutional conviction is not returning with full force,” it added.

US spot Bitcoin ETF netflows. Source: Swissblock/X

As Cointelegraph reported , analysis sees overall demand as a key stumbling block on the way to a bullish market recovery.

Related: BTC speculators in focus as analysis says 'textbook Bitcoin bottom' is underway

In fresh research for onchain analytics platform CryptoQuant this week, contributor IT Tech saw conditions partially improving, albeit with a clear divide between spot and derivatives markets.

“A week ago, the 30-day cumulative demand was close to -500K BTC. Today, it’s recovered to roughly -75K BTC,” they summarized.

In that time, futures demand went from -295,000 BTC to a “slightly positive” figure, while spot demand stayed negative.

“This tells us something important. The latest bounce has been driven primarily by derivatives traders, while spot buyers are still relatively cautious,” IT Tech commented.

Bitcoin demand comparison (screenshot). Source: CryptoQuant

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