US-listed spot Ethereum exchange-traded funds (ETFs) recorded $70.62 million in net outflows on Friday, bringing a five-day inflow streak to a close.

Over the prior five sessions spanning July 17 through Thursday, Ethereum funds absorbed $211.25 million in net inflows, according to SoSoValue data. For the week ended Friday, the funds still posted a positive $103.9 million in net inflows.

Despite Friday's outflows, Ethereum ETFs extended their weekly inflow streak to three consecutive weeks and have attracted $337.74 million in net inflows so far in July.

Spot crypto ETF flows have emerged as one of the market's most closely monitored indicators of institutional and retail demand for Bitcoin (BTC) and Ether (ETH) through traditional investment vehicles. US-listed spot Bitcoin ETFs launched in January 2024, with Ethereum counterparts approved later that year, giving investors regulated access to the two largest digital assets by market capitalization through familiar brokerage accounts. While other jurisdictions — including Hong Kong — have introduced comparable products, US-listed ETFs continue to account for the vast majority of assets under management and trading volumes.

Daily spot Ethereum ETF net flows from July 17 to July 24. Source: SoSoValue ()

Bitcoin ETFs End the Week on a Similar Note

The Ethereum reversal mirrored a broader trend. Bitcoin ETFs broke a seven-day inflow streak on Thursday and posted an additional $240.08 million in net outflows on Friday. The concurrent reversal in both products came as US Treasury yields rose during the same period, a dynamic the related link below explores in detail.

Even so, Bitcoin ETFs maintained a three-week net inflow streak, adding $103.90 million during the week ended Friday and $233.96 million so far in July. This follows a record June in which $4.5 billion flowed out of the funds.

BTC traded just under $64,000 at the time of writing, down from the week's high of $66,892 on Tuesday, according to CoinGecko (). ETH changed hands at $1,837, retreating from Wednesday's weekly high of $1,954.

Related: Bitcoin falls under $64K as surging US bond yields boost Fed rate-hike odds (https://cointelegraph.com/markets/bitcoin-falls-under-64k-us-bond-yields-fed-rate-hike-odds)

Japan's Crypto Reforms Underpin $18.4 Billion Bitcoin ETF Forecast

Japan's recent overhaul of its cryptocurrency regulations (https://cointelegraph.com/news/japan-crypto-amendment-digital-assets-financial-rules) — widely regarded as paving the way for future spot Bitcoin ETFs — has prompted fresh projections about the market's potential scale. The reforms position Japan among jurisdictions advancing regulated crypto investment frameworks, a global trend that has accelerated since the US approved its spot Bitcoin and Ethereum ETF products.

Crypto management platform XWIN estimated that a mature Japanese spot Bitcoin ETF market could reach approximately $18.4 billion, equivalent to roughly 0.13% of the country's $14.6 trillion in household financial assets.

In an analysis published at CryptoQuant (), XWIN said the estimate factors in demand from existing cryptocurrency holders, new retail investors accessing markets through brokerage accounts, and institutional allocators.

The report cited the US market as a benchmark, noting that spot Bitcoin ETFs — excluding Grayscale's GBTC — have accumulated roughly 1 million Bitcoin, illustrating how regulated ETF vehicles can bridge traditional finance with digital assets.

"The key is access," XWIN said, emphasizing that a Japanese spot Bitcoin ETF would let investors obtain Bitcoin exposure through familiar brokerage and custody frameworks. The firm characterized the $18.4 billion projection as "an achievable upper-end market scenario."