It's interesting to observe how flows in the spot Bitcoin ETF are renewing — it is indeed happening, but not as dramatically as headlines might suggest. The last two months have brought in $3.29 billion in new funds, pushing the total inflows since January 2024 to $58.72 billion. It sounds substantial, but there's a nuance here.

The problem is that we still haven't returned to the October peak of $61.19 billion. Back then, Bitcoin traded above $126K, and demand was simply incredible. Then came November-February 2026 — four months when investors withdrew $6.38 billion, as the price fell from over $100K to around $60K. That hit we still haven't fully recovered from.

In May, ETFs showed a positive signal — two consecutive months of net inflows. This indicates that institutional interest in cryptocurrency is returning. But looking at the bigger picture, the recovery appears incomplete. The price is currently around $81K, and although news about ETF developments and demand resurgence sound promising, the gap between current inflows and the October peak shows we're still in the process. Time will tell if this gains enough momentum to reach new heights.