Bitcoin ETFs have erased a $5.8 billion hole

Bitcoin investors have done it.

They've poured billions into U.S.-listed spot bitcoin exchange-traded funds (ETFs) in recent weeks. The result: these ETFs now sit on nearly $800 million in net inflows for the year, according to data source SoSoValue. That's a 180-degree turn from the red ink earlier this year.

Here's how bad it got. On July 13, the same ETFs were down $5.8 billion for the year. That was the low point, according to data analyzed by CoinDesk.

The turnaround lines up with bitcoin's price recovery to $85,000 from under $58,000 in early June. That price rise, combined with the ETF inflows, has convinced some analysts a new bull run is already underway.

Nearly $4 billion of those inflows have come in since U.S. Treasury Secretary Scott Bessent's August announcement of increased bond purchases, a liquidity management tool rolled out as bond yields surged to multi-year highs.

Still, there is much work to do for the bulls. At $800 million, net inflows for the year are still way smaller than $35.2 billion in 2024 and $21.4 billion in 2025.

Six-day winning streak

These ETFs have pulled in money for six straight days, even as bitcoin's rally has stalled above $85,000 since Tuesday.