US spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded $221.72 million in net inflows on July 2. It was the first positive day for Bitcoin ETF inflows since June 12, per SoSoValue data.
Glassnode’s latest weekly report, published Monday, describes Bitcoin as entering a consolidation phase. The firm sees spot selling pressure easing after weeks of heavy institutional redemptions.
Bitcoin ETF Inflows End a 10-Day Outflow Streak
Data from SoSoValue shows the July 2 print snapped a 10-day outflow streak that had drained the funds since mid-June. Total net assets stood at $74.37 billion after the reversal, down from above $100 billion in early May.
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The pause in redemptions ends a punishing stretch. Spot Bitcoin ETFs shed nearly $9 billion across two months of outflows, the deepest institutional pullback since the products launched in January 2024.
Price action on Monday captured the market’s two-way tension. BTC slipped below $62,000 after Strategy, the largest corporate bitcoin holder, disclosed a sale. The price then rebounded over $2,300 within three hours to trade near $63,643 as of this writing.
The swift recovery extends last week’s jump toward $62,000 off a June 25 low near $58,200. That trough sits roughly 54% below the October 6, 2025 peak of $126,080. The decline remains far shallower than the 77% to 84% drawdowns that closed the 2018 and 2022 cycles.
Glassnode Sees Consolidation as Selling Pressure Eases
In its Market Pulse report for week 28, Glassnode argued the market is moving away from aggressive distribution and toward equilibrium.
“The Bitcoin market is currently exhibiting signs of structural stabilization, characterized by a transition from aggressive distribution toward a state of equilibrium.”
Derivatives data supports the shift. Futures open interest has risen, and long-side funding payments have exceeded historical norms, signaling renewed bullish appetite. Meanwhile, moderation in the 25-delta options skew suggests demand for downside protection is fading.
On-chain activity tells a similar story. Active addresses and transfer volumes are rising, and the average ETF investor has returned to profit. Long-term holders continue to anchor the market despite lingering unrealized losses.
However, the firm flagged a growing share of hot capital, the short-term and price-sensitive money that often precedes sharper swings. Monday’s whipsaw around the Strategy disclosure fits that pattern, with volatility rising even as profitability improves.
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