At a glance
- The report uses bitcoin's three steep rallies since the funds began trading in January 2024 as a benchmark for the daily demand that has accompanied its sharpest advances.
- CoinDesk's working definition: a steep rally is a stretch in which bitcoin gains more than 50% without ever falling more than 20% from its highest point along the way.
- In the first, from Jan. 23 to March 14, 2024, bitcoin rose 79% and the funds averaged $294 million a day.
U.S.-listed spot bitcoin ETFs pulled in more than $1 billion from investors this week, according to SoSoValue data cited by CoinDesk. The report uses bitcoin's three steep rallies since the funds began trading in January 2024 as a benchmark for the daily demand that has accompanied its sharpest advances.
CoinDesk's working definition: a steep rally is a stretch in which bitcoin gains more than 50% without ever falling more than 20% from its highest point along the way. Three qualify.
In the first, from Jan. 23 to March 14, 2024, bitcoin rose 79% and the funds averaged $294 million a day. The second ran from Aug. 5 to Dec. 17, 2024, with a 96% gain and a $202 million daily average. The third, Apr. 6 to Jul. 14, 2025, paired a 53% gain with $248 million a day.
Across the 199 trading days covered by the three rallies, the funds took in $46.7 billion, an average of about $235 million a day. That span included 39 days of $500 million or more and six of $1 billion or more, according to CoinDesk.
Since July 1 the pace has fallen to about $86 million a day, with seven days of $500 million or more and none of $1 billion or more. CoinDesk puts that at roughly one such day in 11 trading days, against about one in five during the three rallies. Bitcoin gained 39% over the same window, from about $60,000 to $83,500, the report says.
| Window | Bitcoin gain | Avg. daily net inflow | Days of $500M+ | Days of $1B+ |
|---|---|---|---|---|
| Jan 23–Mar 14, 2024 | 79% | $294M | 10 | 1 |
| Aug 5–Dec 17, 2024 | 96% | $202M | 16 | 3 |
| Apr 6–Jul 14, 2025 | 53% | $248M | 13 | 2 |
| Three rallies combined (199 days) | — | $235M | 39 | 6 |
| Since Jul 1 | 39% | $86M | 7 | 0 |
CoinDesk frames the flows as a sign of a renewed institutional bid, with a warning attached. "Institutional demand shows tentative improvement. However, flows remain volatile and sustained inflows are needed to confirm a stronger recovery," Vikram Subburaj, CEO of India-based Giottus, said in an email.
Two caveats sit alongside the comparison. Demand can also arrive through futures or direct spot purchases of bitcoin, channels that do not appear in ETF flow data. And the report describes the historical pattern as a guide rather than a promise.
Reported by the ETPs & Funds desk from CoinDesk and SoSoValue (via CoinDesk). Published . Corrections