Bitcoin ETF saw a single-day net inflow of $223.5 million, ending ten consecutive days of net outflows. However, IBIT is still seeing outflows, while FBTC and ARKB are carrying the momentum — the divergence in capital structure is more worth examining than the headline numbers.

Over ten consecutive days of net outflows, the cumulative withdrawal scale was substantial. This rebound looks more like a resonance of short covering and technical bounce rather than a full return of institutional confidence. The persistent outflows from IBIT indicate that the allocative capital behind BlackRock has not shifted.

A key question: Has the AI capital drain, macro interest rate expectations, and the sharp rotation in U.S. tech stocks permanently changed the flow of capital in the crypto market? ETF inflows and outflows are evolving from a simple "bullish/bearish" signal into a more complex structural indicator.

The risk is that if the inflows cannot be sustained in the coming days, this rebound may only be a pause in the downtrend. Divergence in capital structure often signals the fragility of a trend.

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