Bitcoin exchange-traded funds (ETFs) have drawn more than $1 billion in fresh investments this week, suggesting institutional interest is returning. However, the pace of buying remains significantly below the levels recorded during Bitcoin’s previous major rallies, according to CoinDesk’s analysis of fund-flow data.

SoSoValue data shows renewed demand for U.S.-listed spot Bitcoin ETFs. Although the recent inflows offer an encouraging signal, analysts say stronger and more consistent investment will be needed to support a sustained recovery in BTC’s price.

Vikram Subburaj, CEO of India-based Giottus, described institutional demand as showing early improvement but cautioned that volatile flows make it difficult to confirm a lasting turnaround.

Previous Rallies Featured Much Stronger ETF Inflows

Since spot Bitcoin ETFs launched in January 2024, Bitcoin has experienced three major rallies in which its price increased by more than 50% without declining over 20% from its peak during each advance.

The first rally lasted from Jan. 23 to March 14, 2024. Bitcoin climbed 79%, moving from approximately $39,900 to $71,400. ETF investments averaged $294 million per day, including 10 sessions with inflows of at least $500 million and one session exceeding $1 billion.

The second advance ran from Aug. 5 to Dec. 17, 2024, when BTC surged 96%, from around $54,100 to $106,100. Daily inflows averaged $202 million, with 16 trading days recording at least $500 million and three surpassing $1 billion.

From April 6 to July 14, 2025, Bitcoin gained another 53%, rising from roughly $78,400 to $119,900. During this period, ETF inflows averaged $248 million daily. Thirteen sessions attracted $500 million or more, while two exceeded $1 billion.

Across all three rallies, ETFs accumulated $46.7 billion over 199 trading days, equivalent to average daily inflows of approximately $235 million. The funds recorded 39 sessions with inflows of at least $500 million and six sessions exceeding $1 billion.

Current Investment Levels Lag Behind

Bitcoin has advanced 39% since July 1, climbing from approximately $60,000 to $83,500. Yet ETF inflows have remained relatively modest compared with those accompanying earlier steep rallies.

Since July 1, the funds have recorded seven days with inflows of $500 million or more, equivalent to roughly one session in every 11. During the three previous rallies, that threshold was reached about once every five trading days.

Average daily inflows over the current period stand at approximately $86 million, considerably below the historical benchmark of more than $200 million. No single day has produced ETF inflows of $1 billion or more.

The figures indicate that ETF demand has not yet reached the intensity associated with Bitcoin’s strongest historical advances. A sustained increase in institutional buying could strengthen the case for a more powerful rally, but the present pace offers less support than previous uptrends.

Nevertheless, ETF flows are only one part of the market. Activity in futures markets and direct purchases of Bitcoin on spot exchanges can also drive prices higher, meaning a rally remains possible even without a comparable surge in ETF demand.