While spot selling pressure continues in the Bitcoin market, it appears that long-term investors have started collecting BTCs changing hands. While CryptoQuant data indicates that overall demand for Bitcoin has declined further compared to the previous day, U.S.-listed spot Bitcoin ETFs finished their fourth consecutive trading day with positive flows.
According to data shared by CryptoQuant, the main source of the decrease in Bitcoin demand was the spot market. The continuation of sales in spot transactions shows that the pressure on the price continues in the short term. However, the increase in the amount of Bitcoin transferred to “accumulation addresses” indicates that there are strong buyers on the other side of the market.
Accumulation addresses can be considered as wallets that generally make long-term investments and have a low tendency to spend their Bitcoins. The increase in inflows to these addresses reveals that some of the BTCs sold in the market are covered by long-term investors and large-scale whales.
According to CryptoQuant data, the outflow of money from the spot market has been continuing since November 2025. On the other hand, the fact that whale investors absorb sell orders strengthens the possibility of a silent accumulation process in the market. Analysts think that if Bitcoin’s spot demand moves into positive territory again, the current accumulation may pave the way for a strong upward movement.
Four-day streak of entries in Bitcoin ETFs
Despite the weakness in the spot market, a daily recovery was seen in corporate investment products in the US. According to SoSoValue data, 13 spot Bitcoin ETFs traded in the US recorded a total net inflow of $132.3 million on July 17. Thus, the funds completed the fourth consecutive trading day with positive flows.
The highest inflow of the day occurred in BlackRock’s IBIT fund with $136.48 million. Fidelity’s FBTC product was the only Bitcoin ETF to finish the day negative, with a net outflow of $4.18 million. No net money movement was recorded in 11 other funds, including Grayscale’s GBTC and BTC funds, Bitwise’s BITB, ARK 21Shares’ ARKB, and VanEck’s HODL product.
Total net inflows from spot Bitcoin ETFs in the US since their launch have reached approximately $51.4 billion.
Spot Ether ETFs also received net inflows of $36.73 million on the same day. Thus, the total daily capital directed to Bitcoin and Ether funds was 169.03 million dollars. Spot hyperliquid Following the $5.45 million outflow in the ETF, the daily net inflow of all spot crypto ETFs in the US was approximately $163.58 million.
Monthly outlook still weak
Despite the recovery in daily inflows, the last 30-day chart is not enough to say that corporate demand has returned permanently. Bitcoin ETFs recorded a total net outflow of $2.14 billion during this period, while $109.91 million left Ether ETFs. Monthly net outflow across all U.S.-traded spot crypto ETFs was approximately $2.08 billion.
In altcoin ETFs, money flows remained limited. Over the last 30 days, Hyperliquid funds received $118.78 million in net inflows, XRP ETFs received $42.32 million and Solana ETFs received $8.8 million in net inflows. Small-scale outflows were seen in Dogecoin and Litecoin funds.
Bitcoin and Ether ETFs account for approximately 95 percent of total net inflows to date for U.S. spot crypto funds. Although daily ETF inflows and whale accumulation give positive signals, the fact that spot demand is still in the negative zone shows that the recovery in the market remains fragile.
