Bitcoin, Ethereum Rally as Crypto ETFs Log First Back-to-Back Inflows Since May
Digital assets gained alongside equities as spot Bitcoin ETFs recorded their first consecutive weeks of positive net inflows since May, though markets face ongoing macro headwinds.
Bitcoin and Ethereum advanced on Tuesday, July 21, 2026, as a broad return of investor risk appetite lifted digital assets alongside the tech-heavy Nasdaq-100. The morning rally provided a momentary reprieve for a market still recovering from prolonged institutional outflows.
By 9:30 a.m. ET, Bitcoin had climbed to $66,398.15, building on an opening price of $65,214.10 that was 0.8% higher than Monday. Ethereum showed stronger intraday momentum, rising to $1,935.99 from an opening price of $1,903.35, representing a 1.7% daily jump.
These daily gains build on a positive short-term trend for the sector. Over the past week, Bitcoin has appreciated by 4.8% and is currently sitting 1.5% higher than one month ago. Ethereum has posted even steeper short-term recoveries, gaining 7.3% over the past seven days and 9.4% compared to one month prior.
Despite the recent rebound, the broader year-over-year trajectory highlights a significant market contraction that is keeping institutional investors cautious. Bitcoin remains 36.9% lower than its all-time high of $128,198.07, which was established on Oct. 6, 2025. Ethereum is similarly depressed, trading 20.9% below its Aug. 24, 2025, peak of $4,953.73.
However, capital flows suggest the recent price action may be more than a fleeting bounce. According to SoSo Value, spot Bitcoin ETFs experienced positive net inflows for the second consecutive week. This marks the first time funds have recorded back-to-back weekly capital injections since May. While this signals a tentative stabilization in institutional demand, the recent inflows do not yet offset the heavy capital flight recorded over the preceding months.
Market professionals should anticipate continued price turbulence across the broader digital asset complex. Traders are currently forced to navigate heightened macroeconomic volatility stemming from the ongoing U.S.-Iran war. Moving forward, price discovery will likely remain constrained as investors await clarity from the ongoing rollout of second-quarter corporate earnings reports.
