I noticed something I want to talk about: spot Bitcoin funds (ETF) saw an enormous outflow in the recent period. Over five straight weeks leading up to the end of February, investors withdrew about $3.8 billion from these funds—this was the longest stretch of negative flows since the start of the year. It’s not just the big number, but the timing too. This wave of outflows came alongside uncertainty around tariff policies, which put the whole market on edge and triggered rapid repricing of assets.

But something important happened after February 20: the direction suddenly reversed. Between February 20 and 27, positive inflows returned strongly, with about $875 million entering the funds. This is a completely different signal. It could mean that the outflows aren’t structural, but rather a temporary rebalancing by institutions. The current Bitcoin price is around $77.5K, and the market is trying to stabilize.

The real question here is: are institutional Bitcoin buyers truly back, or is this just a tactical rebound? The difference is extremely significant. If positive inflows continue for the coming weeks, it means the funds are functioning again as a stable investment channel. If they swing back to outflows quickly, it means buyers are still cautious and the pressure remains. The truth is that ETF funds aren’t a fixed support base; they’re conditional buyers who move depending on news and policies. In an environment of uncertainty like this, Bitcoin buyers think twice before pumping large amounts of money. The key is to focus on the upcoming weekly data and see what direction the trend takes.