US spot Bitcoin ETFs posted their first clear flow rebound in weeks, but the broader demand picture for Bitcoin still looks fragile. The funds took in $221.72 million on July 2, ending a 10-session outflow streak that had drained about $2.73 billion. They added another $265.69 million on July 6, the first back-to-back inflows since May.
That shift matters because ETF flows have been one of the clearest signs of marginal demand for BTC. Bitcoin has also held near $63,000 and is up 7% this month. Still, the recent ETF improvement has not been confirmed by the US spot market. The Coinbase Premium Index has stayed negative for 50 straight days, according to Coinglass, showing Bitcoin remains cheaper on Coinbase than on Binance. That usually points to weaker buying from US-linked traders.
On-chain data also suggest the market has not returned to sustained accumulation. CryptoQuant's apparent demand metric, which compares new issuance with changes in long-inactive supply, remains below zero. It improved from about -275,000 BTC on June 3 to about -75,000 BTC, but has not turned positive.
Exchange reserve trends add another caution flag. Alphractal said Bitcoin balances on centralized exchanges are rising, which can mean more supply is available for sale.
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Originally published by CryptoSlate on July 8, 2026.
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