Bitcoin ETFs snap a 10-day outflow streak with $221M in fresh inflows as a short squeeze lifts ETH 6%

The day's clearest catalyst was a $221 million inflow into Bitcoin spot ETFs — the first net positive day after a 10-session outflow streak that had weighed on sentiment. That reversal gave traders a reason to cover short positions, and the resulting short squeeze rippled outward: Bitcoin climbed toward $62,000, Ethereum jumped 6.1%, and Solana gained 2.9%. Hyperliquid led the top-15 with a 6.7% gain, consistent with the broader pattern of higher-beta assets outperforming when a squeeze unwinds. Zcash added 5.6%, XRP rose 3.4%, and BNB gained 2.2% — the rally was broad, not concentrated. The optimism is real but sits against a sobering backdrop. On-chain data now shows more Bitcoin held at a loss than at a profit, meaning the average holder who bought in recent months is underwater. That reading historically reflects a market still working through distribution, not one that has fully reset. The Fear & Greed index at 21 — deep in Extreme Fear territory — reinforces that the mood remains fragile despite today's bounce. The ETF inflow is the headline number, but one day does not confirm a trend. The prior 10-day outflow streak pulled significant capital out of BTC funds; today's $221 million partially offsets that. Whether institutional buyers are returning or this is a one-session blip will become clearer over the next few trading days.

• –More Bitcoin is now held at a loss than at a profit, an on-chain signal that reflects the pressure on holders who bought during recent higher-price periods.
• –Russia's central bank governor said 'everything is ready' for a widespread digital ruble rollout, with a September launch date now on the calendar.
• –MemeCore (M) surged nearly 39% in 24 hours, making it the day's standout mover outside the top 15, though no specific catalyst was identified.
• –LAB fell 12.1%, with negative sentiment around the Bitcoin loss-holder data cited as a contributing factor to the decline.