Spot Bitcoin ETFs Extend Inflow Streak to Seven Days as BTC Holds Above $65,000

Key takeaways: BlackRock's iShares Bitcoin Trust (IBIT) led the latest wave of inflows, signaling renewed institutional demand. Grayscale expects the current Bitcoin bear market to potentially persist into September or October if the four-year cycle plays out. On-chain data suggests whales reduced long exposure during the recent rebound. US spot Bitcoin ETFs have posted net inflows for seven straight days—their first streak of that length in nine months—as Bitcoin stabilizes above $65,000 and briefly pushes beyond $66,000. Santiment: Seven-day inflow run adds nearly $1B Market intelligence firm Santiment reported that US spot Bitcoin ETFs have recorded seven consecutive days of net inflows since July 14. The products collectively brought in about $981 million as BTC moved back above $66,000, marking a clear reversal from the heavy outflows seen in May and June. Santiment said the last inflow streak of comparable duration occurred in early October 2025, when Bitcoin was nearing its $126,000 all-time high. The firm added that continued inflows could help propel BTC toward $70,000, while cautioning that an unusually large single-day inflow may reflect excessive FOMO and the formation of a local market top. On Wednesday, July 22, spot Bitcoin ETFs took in $69 million in net inflows. BlackRock's IBIT accounted for the largest share, with net inflows of 589 BTC valued at $38.78 million, according to Farside Investors. IBIT also posted roughly $900 million in trading volume during the session. Do ETF inflows signal the bear market is ending? Despite the pickup in institutional buying, market participants remain divided on whether the broader downtrend has fully reversed. Crypto asset manager Grayscale said Bitcoin's current bear market could continue until September or October under its four-year-cycle thesis. Grayscale noted that prior Bitcoin bear markets typically bottomed around one year after the peak, historically involving drawdowns as deep as 80%. Over the past year, BTC is down about 50% from its $125,000 all-time high. Grayscale also emphasized a macro-driven framework, arguing that Bitcoin has matured into an asset class increasingly tied to economic growth and interest-rate dynamics. The firm said a resilient US economy would be important for Bitcoin's performance, with attention turning to upcoming Federal Reserve rate decisions. Whales reduce long exposure during rebound Crypto analyst Justin Bennett said Bitcoin may be showing signs of distribution rather than accumulation. Pointing to on-chain indicators, he said whales have pared back long exposure relative to retail traders. Bennett added that the repositioning does not necessarily imply an imminent selloff, but he urged caution. While many traders are targeting a move toward $67,300 and $69,000, he said the current rally may lack sufficient fuel to sustain momentum. He flagged $66,240 as a key support level, arguing the uptrend remains intact on the 4-hour timeframe and above as long as BTC holds that line.