Bitcoin returns to $63k, with over $200 million in short liquidations in 24 hours—but at the same time, U.S. Bitcoin spot ETFs saw a net outflow of $526.1 million this week.


The rebound is driven by short covering, not new capital inflows. Exchange deposits have surged, and analysts warn that volatility may intensify. Charles Schwab and Hashdex point out that AI is diverting funds from digital assets. Bitcoin is still following its post-halving recovery pattern, but is out of sync with new highs in U.S. stocks.
Bollinger, the creator of Bollinger Bands, believes that if a W-shaped reversal is completed, it may signal the end of the bear market—but the continued ETF outflows contrast with whale accumulation on-chain. The fragility of the rebound lies in: can the rise driven by leveraged liquidations attract genuine institutional buying?
The risk is that if ETF outflows continue, the accumulated positions on exchanges could become pressure for the next correction. What the market needs is not just capitulation by shorts, but new structural demand.
$btc #defi #etf #链上数据 #ai
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