I just reviewed Bitcoin ETF flow data and something interesting is happening. For five weeks before February, we had massive outflows of nearly $3.8 billion, the longest streak since the beginning of the year. It seemed like institutional investors were quietly leaving. But here’s the strange part: since February 20th, the flow changed. About $875 million came in over just over a week. That’s not enough to offset the previous outflows, but it completely changes the narrative. The key question now is: have genuine Bitcoin buyers returned or was this just a tactical rebound? During those five weeks, Bitcoin stayed above $60k, but without consistent institutional flow, each dip felt more lonely. Bitcoin buyers needed extra convincing. Now that we see new inflows, I have to monitor if this is sustainable. If the net flow remains positive for several consecutive weeks, it means institutional channels are truly reopening. If it falls back into negative territory, then that rebound was just a tactical move and genuine Bitcoin buyers remain cautious. The key move is that we no longer have one-way flows. The market is testing whether institutional demand is truly returning or if we are in a more fragile territory.