U.S. spot Bitcoin exchange-traded funds pulled in $221.7 million on Thursday, decisively snapping a 10-day outflow streak that drained roughly $2.7 billion from the market. The reversal marks the largest single-day intake in approximately two months.
The inflow ended a brutal June, previously the worst month on record for these products, during which approximately $4.5 billion fled the funds. Fidelity’s FBTC fund led the recovery with $166 million, followed by ARKB at $91.8 million. However, BlackRock’s IBIT bucked the trend, shedding $40.4 million.
Two key macroeconomic catalysts eased the pressure on risk assets. A surprisingly weak U.S. jobs report showed only 57,000 nonfarm payrolls added, far below consensus estimates. Simultaneously, signals from the Federal Reserve suggested inflation risks have softened, cooling expectations for further aggressive rate hikes. Bitcoin, which had sunk to a 21-month low under $58,000 earlier in the week, rebounded above $61,000.
Despite the positive flow, analysts urge caution. Tim Sun, senior researcher at HashKey, characterized the bounce as a temporary reprieve from interest rate pressure, noting that a definitive reversal is not yet confirmed. Stephen Wundke of Algoz Technologies suggests investors are bottom-fishing, indicating that while the asset may bounce around the bottom, the long-term direction is becoming clear.