According to data from SoSoValue, U.S. spot Bitcoin ETFs recorded a net inflow of approximately $227 million on July 20th. This marks the first instance of net inflows for five consecutive trading days since late April. Ethereum ETFs saw an increase of around $38 million, primarily driven by BlackRock's ETHA.

This five-day rally has attracted a total of roughly $727 million in inflows, representing the longest sustained period of buying since the record outflows experienced in June. The total assets under management for Bitcoin ETFs have recovered to about $79 billion from a low near $75 billion in July. In the Ethereum space, BlackRock's ETHA stood out, attracting approximately $34 million.

Bitcoin is holding within a range around $63,000, following a temporary halt in the chip-driven sell-off last week. The return of ETF buying has been a key factor missing during much of the outflow period over the past quarter.

The test lies in how long this trend can be sustained. The Federal Reserve is scheduled to meet on July 28-29. Additionally, major technology companies are set to report earnings this week, with Alphabet, Tesla, and Intel among those releasing results. This data will reveal whether spending related to artificial intelligence, which has been correlated with Bitcoin's performance throughout the month, continues to grow.