Bitcoin (CRYPTO: BTC) held above the $66,000 level as U.S. spot Bitcoin ETFs extended their longest inflow streak in months, signaling improving institutional sentiment after heavy selling pressure earlier this year.

In an X post on July 23, Santiment Intelligence data shows U.S. spot Bitcoin ETFs have recorded seven consecutive trading days of net inflows since July 14, bringing in around $981.2 million as Bitcoin climbed to as high as $66,300.

The analytics firm noted that the last inflow streak of similar length occurred in early October 2025, when Bitcoin was approaching its all-time high near $126,000.

Santiment said the steady string of positive sessions suggests confidence is gradually returning after sustained outflows during May and June.

The firm added that current ETF behavior supports the possibility of a rally toward $70,000, while warning that a sudden spike in one-day inflows could indicate excessive fear of missing out and the formation of a local top.

BlackRock’s IBIT Leads The Recovery

Meanwhile, The Kobeissi Letter reported that spot Bitcoin ETF inflows last week marked the strongest weekly intake since early May.

BlackRock’s iShares Bitcoin Trust ETF (NASDAQ:IBIT) led the recovery, attracting around $193 million during the week after recording $282 million the previous week.

IBIT added another $115 million and $164 million over the following Monday and Tuesday, lifting its July inflows to roughly $501 million.

The fund is on pace for its strongest monthly inflows since April and its third-largest monthly intake this year.

As of July 22, U.S. Spot BTC ETFs witnessed a daily net inflow of $69 million, taking the weekly net inflow as of the same date to $499 million.

But ETF Investors Remain Underwater

Crypto analyst Axel Adler noted that since launch, U.S. spot Bitcoin ETFs have accumulated $51.84 billion in net inflows and currently hold approximately 611,980 BTC worth around $40.46 billion.

However, he noted that the ETF cohort’s realized purchase price stands at approximately $84,714, leaving investors with an average unrealized loss of roughly 22% at current prices.

He warned that Bitcoin’s biggest supply hurdle could emerge near the ETF cohort’s realized price, where investors may choose to exit positions at breakeven after recovering from losses.

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