Spot Bitcoin ETFs recorded $226.8 million in inflows on July 20, capping a five-day streak that brought in a total of $723 million, led by BlackRock’s IBIT, Fidelity’s FBTC, and ARK’s ARKB.

The momentum carried into July 21, with U.S. spot Bitcoin ETFs adding another $206 million in net inflows, according to CoinGlass. This extended the streak to six consecutive days and pushed cumulative inflows past $900 million—the longest continuous run since May.

This surge coincided with Bitcoin briefly climbing back above $66,000 before retreating, while overall market sentiment shifted into neutral territory after nearly a month of bearish conditions.

Rather than a simple bounce, the trend signals a broader return of institutional capital following one of the most significant periods of ETF outflows since their January 2024 launch.

The focus has now moved beyond whether June’s selling pressure has subsided to whether the current inflow trend is strong enough to reshape the medium-term supply-demand balance.

The turnaround began after a 10-day outflow streak in late June that drained more than $2.7 billion from spot Bitcoin ETFs. The reversal took hold on July 2, when inflows of $221.7 million were recorded in a single session.

That session was driven by Fidelity’s FBTC and ARK’s ARKB, while BlackRock’s IBIT posted an unusual outflow of about $40 million before reversing course in the days that followed.

Momentum strengthened quickly. On July 6, inflows reached $265.7 million, with IBIT contributing roughly $209 million—marking a shift in leadership that persisted in subsequent sessions.

After a short pause, inflows resumed between July 14 and 17, with daily totals of $181 million and $108 million, ultimately leading to the $226.8 million recorded on July 20. Over the two-week stretch, total inflows came in at around $273 million, marking a second straight week of gains.

Throughout this period, IBIT, FBTC, and ARKB consistently led inflows, with leadership rotating among them—suggesting that demand is spread across multiple institutional participants rather than concentrated in a single product.

Regulatory developments have also supported the improving sentiment. In the U.S., the White House resolved an ethics-related dispute that had delayed the CLARITY Act, a bipartisan proposal aimed at clarifying regulatory oversight between the SEC and CFTC.

This resolution increases the likelihood of Senate progress before the August recess, easing a key source of uncertainty for institutional investors.

At the same time, Russia’s State Duma passed a comprehensive crypto law on July 21, formally recognizing digital assets as property, introducing trading and custody rules under the Bank of Russia, enabling cross-border settlements, and prohibiting domestic crypto payments.

The law is set to take effect on September 1, 2026, with some provisions rolled out gradually. Non-qualified retail investors will face an annual purchase limit of 300,000 rubles (approximately $3,800), while qualified investors will remain unrestricted but subject to risk assessments.

On-chain data from CryptoQuant adds further insight, showing that wallets holding between 1,000 and 10,000 BTC accelerated accumulation after Bitcoin dropped below $55,000 earlier in July. Total whale accumulation for the month exceeded 66,700 BTC, valued at roughly $4.4 billion.

CryptoQuant highlighted that buying activity intensified specifically after the sub-$55,000 level, consistent with patterns seen during previous accumulation phases.

Meanwhile, Strategy raised $500 million through a convertible notes offering while keeping its Bitcoin holdings unchanged—indicating a move to strengthen its balance sheet without introducing immediate selling pressure into the market.