Bitcoin ETFs have attracted more than $1 billion in fresh investments this week, signaling renewed interest from institutional investors. However, the latest inflows remain well below the levels historically seen during Bitcoin’s strongest price rallies, according to data analyzed by CoinDesk.
Figures from SoSoValue show that U.S.-listed spot Bitcoin ETFs have returned to positive demand. Market analysts view the recovery as encouraging but caution that consistent buying will be necessary to support a sustained price increase.
“Institutional demand shows tentative improvement. However, flows remain volatile and sustained inflows are needed to confirm a stronger recovery,” said Vikram Subburaj, CEO of India-based Giottus.
Previous Bitcoin Rallies Were Backed by Strong ETF Inflows
Since spot Bitcoin ETFs launched in January 2024, the cryptocurrency has recorded three major rallies in which its price climbed more than 50% without suffering a decline of over 20% from its peak during the advance.
During the first rally, from Jan. 23 to March 14, 2024, Bitcoin rose 79%, climbing from approximately $39,900 to $71,400. ETF inflows averaged $294 million per day. The funds recorded 10 days with investments of at least $500 million and one day exceeding $1 billion.
The second major advance occurred between Aug. 5 and Dec. 17, 2024. Bitcoin gained 96%, moving from around $54,100 to $106,100. Average daily ETF inflows reached $202 million, including 16 days with at least $500 million in inflows and three days above the $1 billion mark.
In the third rally, spanning April 6 to July 14, 2025, Bitcoin advanced 53%, rising from approximately $78,400 to $119,900. During that period, ETFs attracted an average of $248 million daily. There were 13 days with inflows of $500 million or more and two days that exceeded $1 billion.
Across the three rallies, the funds collected $46.7 billion over 199 trading days, producing average daily net inflows of approximately $235 million. They recorded 39 days with inflows of at least $500 million and six days with investments topping $1 billion.
Current Inflows Fall Short of Historical Benchmarks
Bitcoin has advanced 39% since July 1, rising from roughly $60,000 to $83,500. Yet ETF demand during this period has been considerably weaker than during previous sharp rallies.
The funds recorded seven days with inflows of at least $500 million, equivalent to approximately one day in every 11 trading sessions. During the three earlier rallies, that level of demand appeared roughly once every five trading days.
Average daily inflows since July 1 stand at around $86 million, significantly below the $200 million-plus pace associated with previous major advances. The funds have also recorded no days with inflows reaching $1 billion during this period.
These figures suggest that institutional demand through spot ETFs has not yet reached the strength historically associated with a steep Bitcoin rally. A sustained increase in inflows could help reinforce the recovery, but the current pace offers a weaker signal.
ETF activity is not the only factor influencing Bitcoin’s price. Futures-market positioning and direct purchases on spot exchanges can also drive demand, meaning a stronger rally remains possible even if ETF inflows stay below historical averages.
