Spot Bitcoin ETFs brought in $226.8 million on July 20, wrapping up a five-day inflow streak that totaled $723 million, with BlackRock’s IBIT, Fidelity’s FBTC, and ARK’s ARKB leading the activity.
The momentum continued on July 21, when U.S. spot Bitcoin ETFs recorded $206 million in net inflows, according to CoinGlass. This extended the streak to six consecutive days and pushed total inflows beyond $900 million—the longest uninterrupted run since May.
The inflows coincided with Bitcoin briefly climbing back above $66,000 (before slipping again) and market sentiment shifting into neutral territory for the first time in weeks.
This trend signals more than just a short-term rebound—it reflects a broader re-entry of institutional capital after one of the most intense periods of ETF outflows since their January 2024 debut.
Attention has now shifted from whether June’s selling pressure has ended to whether the current inflow pace can meaningfully reshape the medium-term supply-demand balance.
The turnaround followed a 10-day outflow streak in late June that saw over $2.7 billion exit spot Bitcoin ETFs. The reversal began on July 2, when a single session recorded $221.7 million in inflows.
That day’s gains were driven by Fidelity’s FBTC and ARK’s ARKB, while BlackRock’s IBIT saw an unusual outflow of about $40 million before later recovering.
The recovery gained speed soon after. On July 6, inflows hit $265.7 million, with IBIT contributing roughly $209 million—marking a shift in leadership that continued in the following sessions.
After a brief pause, inflows resumed between July 14 and 17, with daily totals of $181 million and $108 million, eventually leading to the $226.8 million recorded on July 20. Over the two-week period, inflows reached about $273 million, marking a second consecutive week of net gains.
Throughout this stretch, IBIT, FBTC, and ARKB consistently led inflows, with leadership rotating among them—suggesting that demand is spread across multiple institutional players rather than concentrated in a single fund.
Regulatory developments have also helped support sentiment. In the U.S., the White House resolved an ethics dispute that had delayed the CLARITY Act, a bipartisan effort to define oversight roles between the SEC and CFTC.
This breakthrough increases the likelihood that the bill will advance in the Senate before the August recess, easing a key area of regulatory uncertainty for institutional investors.
At the same time, Russia’s State Duma passed a comprehensive crypto law on July 21. The legislation classifies digital assets as property, establishes trading and custody rules under the Bank of Russia, allows cross-border settlements, and bans domestic crypto payments.
The law will take effect on September 1, 2026, with some provisions phased in later. Non-qualified retail investors will face an annual purchase limit of 300,000 rubles (about $3,800), while qualified investors will have no cap but must undergo risk assessments.
On-chain data from CryptoQuant adds another layer, showing that wallets holding between 1,000 and 10,000 BTC ramped up accumulation after Bitcoin fell below $55,000 earlier in July. Total whale accumulation exceeded 66,700 BTC, worth roughly $4.4 billion.
CryptoQuant noted that buying activity accelerated specifically after the drop below $55,000, reflecting a pattern commonly seen during previous accumulation phases.
Meanwhile, Strategy raised $500 million through a convertible notes offering while keeping its Bitcoin holdings unchanged—indicating a move to strengthen its balance sheet without adding immediate selling pressure to the market.
