ETF funds have seen net outflows for eight consecutive weeks, yet Bitcoin has rebounded to $63k. Behind this lies a deep structural divergence in the crypto market.

In the week ending July 2, U.S. spot Bitcoin ETFs saw net outflows of approximately $527 million, setting a record for the longest consecutive outflow streak since listing. BlackRock's IBIT recorded net outflows for 11 consecutive days, totaling about $2.2 billion. Meanwhile, Bitcoin's price rebounded from $58k in early June to above $63k, with short positions liquidated for $201 million.

On the surface, shorts are being squeezed, but fund flows reveal another side: institutional funds are receding, while on-chain retail investors and whales are stepping in. Exchange deposits have surged, and analysts warn that volatility may increase. This rebound relies more on leverage liquidations and short-term sentiment rather than new long-term capital entering the market.

AI capital absorption is an important backdrop. Canada's pension fund bet $1.75 billion on AI infrastructure, while Meta's sale of computing power triggered a crash in chip stocks—the trend of funds flowing from crypto to AI remains unchanged. The continuous ETF outflows indicate that institutions are lowering the priority of crypto asset allocation.

The risk is: if the rebound fails to attract ETF fund inflows, the current price recovery could be a bear trap. Surging exchange deposits often signal accumulation of selling pressure, and whale address accumulation may not offset the impact of institutional exits. The market needs a new narrative to reverse fund flows, otherwise structural pressure will persist.

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