U.S. spot Bitcoin exchange-traded funds have swung back to cumulative net inflows this year.

An analysis of SoSoValue data by CoinDesk on September 25 showed U.S. spot Bitcoin ETFs recorded about $800 million in cumulative net inflows for the year. That amounts to a $6.6 billion turnaround in a little over two months, after cumulative net outflows had widened to $5.8 billion on July 13.

Demand appears to have grown as Bitcoin extended its rally. The cryptocurrency traded below $60,000 in early June but recently climbed to around $85,000.

Inflows have become more pronounced in recent sessions. U.S. spot Bitcoin ETFs posted net inflows for six straight trading days, with total inflows reaching $2.84 billion over that period.

CoinDesk reported that some analysts, citing the recent ETF inflows and Bitcoin's price recovery, say a new bull market may be starting.