According to Woofun AI, the US Bitcoin Spot ETF recorded a net inflow of $197.4 million in the week ending Friday, putting an end to the net outflow trend that has continued for eight weeks since May. Among them, BlackRock's iShares Bitcoin Trust ETF (IBIT.US) became the main driving force, absorbing as much as $291.9 million in capital in a single week, showing initial signs of a return of institutional funds.
Capital flows showed significant divergence, with Grayscale's Bitcoin Trust ETF (BTC.US), Fidelity's Wise Origin Bitcoin Fund (FBTC.US), and ARK 21 Bitcoin Shares ETF (ARKB.US) all experienced outflows. Marcus Tyren, founder and CEO of 10x Research, pointed out to Cointelegraph that although the price of Bitcoin has risen by more than 9%, the current weekly net inflow of $197.4 million is still limited, considering the cumulative amount of $8.26 billion withdrawn since May 11.
According to data compiled by Woofun AI, the continued outflow of ETFs and stablecoins combined seasonal factors in August and September, causing market recovery to still face uncertainty, and the adverse factors have not been completely eliminated.
Market opinions are clearly divided. Real Vision chief cryptocurrency analyst Jamie Coutts believes that judging from early technical indicators, selling pressure is easing. Bitcoin may have entered the latter half of the bear market, but the bear market is not over yet. In contrast, Hilbert Capital's chief investment officer Russell Thompson is more pessimistic, predicting that asset prices are still in a downward cycle and may hit a new low in October.
Meanwhile, the Ethereum Spot ETF also ended eight consecutive weeks of losses, achieving net inflows of $84.42 million in a single week, mainly driven by BlackRock and Fidelity related products, but this scale is still far below the total net outflow of $1.2 billion since May 11.
The scale of capital return is not enough to fully offset early selling pressure. Seasonal factors and potential subsequent selling pressure are still key variables. Farside Investors' data further confirms the fragility of current market sentiment, and investors need to be wary of short-term volatility risks. Although this turning point marks an inflection point in sentiment, the real trend reversal still requires more financial verification.