🔥 This week, US Bitcoin spot ETFs saw net inflows of $197.4 million, but the rebound isn’t fundamentally solid

This week, US Bitcoin spot ETFs recorded net inflows of $197.4 million, while Ethereum ETFs also logged $84.3 million. At first glance, it’s a positive signal, but when breaking down daily data, the inflows are mainly concentrated on Monday and Tuesday, with clear slowing in the following days. This top-to-bottom rebound pattern suggests the capital is not a trend-based return, but more like one-off allocation or passive buying after short-covering.
More concerning is that, over the same period, on-chain leverage data did not improve in sync. BTC perpetual contract funding rates on platforms such as Hyperliquid are still hovering in the neutral zone, with no signs of concentrated long positions. The divergence between ETF flows and on-chain leverage implies the current rebound lacks internal confirmation—institutions are buying, but speculative capital is waiting on the sidelines.
Meanwhile, the stock prices of leading storage-chip companies have fallen by more than 20% over the past few weeks, and volatility in traditional tech stocks is transmitting into the crypto market. On-chain tokenized leveraged trading volumes of individual names such as SK Hynix once surpassed ETH, indicating that crypto capital is diverting from pure coin narratives to traditional assets. The scale of ETF inflows may not be able to offset this structural rotation.
The risk is that if US tech stocks continue to pull back, it will be hard for the crypto market to stay unaffected. ETF net inflows may be only a temporary safe-haven choice, not a long-term allocation signal. The July rebound needs more data to confirm; otherwise, the warning about August repeating the 2022 bear-market trend isn’t far-fetched.
$hype #btc #eth #sk #rwa