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Bitcoin (BTC) traded at $61,673.67 at the time of writing as renewed exchange-traded fund (ETF) demand coincided with fresh onchain signals warning of higher volatility. US spot Bitcoin ETFs attracted $221.7 million in net inflows on Thursday, ending a 10-day outflow streak that erased $2.73 billion from the funds.
Renewed ETF demand coincided with Bitcoin’s rebound from this week’s drop below $58,000. At the same time, data from CryptoQuant suggests traders should remain cautious as large holders increase transfers to exchanges, a trend that has historically preceded periods of higher volatility.
According to SoSoValue, Thursday’s $221.7 million of net inflows was the strongest daily inflow into US spot Bitcoin ETFs in about two months. Fidelity’s FBTC led the gains with nearly $166 million, while ARKB added almost $92 million. BlackRock’s IBIT was the only major fund to record net outflows during the session.
Bitcoin Spot ETFs See $222M Net Inflow After 10-Day Outflow Streak
On July 2 (ET), Bitcoin spot ETFs recorded a total net inflow of $222 million, turning positive after 10 consecutive days of net outflows. Ethereum spot ETFs recorded a total net inflow of $29.08 million. pic.twitter.com/LP3UjuQPJV
— Wu Blockchain (@WuBlockchain) July 3, 2026
The inflows interrupted 10 consecutive trading days of withdrawals and coincided with Bitcoin’s recovery above the $61,000 level. The inflows suggest some institutional investors returned after an extended period of selling, though one session is not enough to confirm a broader shift in demand.
That improvement still needs a broader context. Spot Bitcoin ETFs remain down by $5.4 billion on a year-to-date basis after June recorded one of the weakest periods for the products since their launch. One positive session doesn’t yet establish a sustained buying trend, particularly after weeks of persistent redemptions.
While ETF flows improved, CryptoQuant identified another trend that could shape Bitcoin’s short-term direction.
CryptoQuant reported that Bitcoin exchange deposits climbed above 50,000 BTC per day, while Ether (ETH) deposits exceeded 1.25 million ETH. Altcoin deposits also reached their highest level in roughly two months, with whale wallets appearing to drive much of the activity.
Bitcoin is testing $60K support, and exchange deposits are flashing warning signs.
BTC inflows jumped above 50K/day, ETH inflows spiked above 1.25M, and altcoin deposits hit a two-month high.
Whales appear to be leading the move.
Incoming volatility. pic.twitter.com/pEeP6jESC4
— CryptoQuant.com (@cryptoquant_com) July 2, 2026
Higher exchange inflows don’t automatically signal selling pressure, but they often precede larger price swings because more coins become available for trading. CryptoQuant described the latest activity as a warning that volatility could increase even as Bitcoin stabilizes above $60,000.
Together, the ETF and onchain data point to a market where sentiment has improved but conviction remains limited. ETF investors have returned after an extended period of selling, yet onchain positioning suggests many large holders are preparing for a more active market.
Bitcoin’s recovery also followed weaker-than-expected US labor market data. The US Labor Department reported that nonfarm payrolls increased by 57,000 in June, well below economists’ expectations of 113,000, while payroll figures for April and May were revised lower by a combined 74,000 jobs.
The softer employment data strengthened expectations that the Federal Reserve could face greater pressure to ease monetary policy later this year, improving sentiment across risk assets and supporting Bitcoin’s rebound.
From a technical perspective, Bitcoin has reclaimed support above the closely watched $60,000 region after briefly falling below $58,000 earlier this week. The next major resistance sits around $62,000, where previous resistance and liquidation clusters converge. A move through that level could expose the $62,500 region, while failure to hold above the $60,400-$60,700 support zone would place renewed focus on the psychological $60,000 level.
The recovery has improved short-term sentiment, but the broader picture remains balanced. ETF inflows have returned after a prolonged period of selling, while CryptoQuant’s exchange flow data continues to point toward elevated volatility. Sustained ETF demand and a slowdown in exchange deposits would strengthen the current recovery. Until then, Bitcoin remains caught between returning ETF demand and onchain signals pointing to higher volatility.
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