Bitcoin ETF saw net inflows exceeding $200 million for two consecutive days, reaching $265.7 million yesterday, with IBIT leading. But don't forget, prior to this, there were eight consecutive weeks of net outflows, setting a historical record.

The backdrop for this inflow is the cooling of the AI hype in U.S. stocks — Samsung's profit surpassing Nvidia, semiconductor pullback, and Wall Street institutions collectively calling for "stock picking." Part of the capital flowing out of AI has rotated back into oversold crypto ETFs.

But does this signal a structural reversal? CryptoQuant data shows that Bitcoin's apparent demand has been almost consistently negative throughout the year. Although it has recently recovered from -275k BTC to -75k, it is still far from the level needed to fuel a new uptrend.

More crucially, Japanese government bond yields are rising and U.S. bonds are under pressure, with macro headwinds persisting. The tug-of-war between ETF capital reflow and AI capital absorption is the real main theme of the current market.

In the short term, capital reflow may support a rebound, but if the AI narrative heats up again or macro pressure intensifies, the fragility of crypto ETFs will be exposed once more.

$btc #defi #rwa #etf #ai