More than $1.08 billion flowed into U.S. spot Bitcoin ETFs in three days, while a comparison with past strong rallies highlighted the importance of sustained demand.
An analysis by CoinDesk, which examined SoSoValue data, compared this week’s strong inflows with the longer-term picture since July. Although the total over the past three days stands out, average daily net inflows from July 1 to October 21 remained at $86 million.
During the same period, Bitcoin rose 39%, from about $60,000 to $83,500. However, net inflows of $500 million or more occurred on just seven of the 79 trading days, and there was not a single day when inflows reached $1 billion. The $86 million average refers to the entire period since July, not just the past three days.
What made the difference in Bitcoin’s strong rallies?
The analysis examined three periods in which Bitcoin gained more than 50% without falling more than 20% from its peak along the way. In all three periods, average daily net inflows into ETFs were above $200 million:
- January 23–March 14, 2024: Bitcoin rose about 79%, while average daily net inflows reached $294 million.
- August 5–December 17, 2024: The price rose about 96%, while average daily inflows reached $202 million.
- April 6–July 14, 2025: Bitcoin gained about 53%, while the funds received an average of $248 million per day.
Across these three periods, inflows totaled $46.7 billion over 199 trading days. The daily average was about $235 million. Inflows of at least $500 million occurred about once every five trading days, compared with about once every 11 trading days in the current period.
Sustained strong inflows will be watched
Vikram Subburaj, CEO of India-based Giottus, said he was seeing a cautious improvement in institutional demand, but that flows remained volatile. According to Subburaj, inflows need to continue to confirm a stronger recovery.
The comparison highlights whether several days of high demand will extend over a longer period. The $665 million inflow into BlackRock’s Bitcoin ETF also drew attention recently; this analysis, however, looks at the persistence of demand across all spot ETFs rather than the performance of a single fund on a single day.
Inflows during past periods do not establish a definitive threshold for prices. Alongside ETFs, direct purchases in the spot market and demand in futures markets can also influence Bitcoin’s direction.
Not investment advice.