🔥 ETF inflows are returning, but the rebound is not fundamentally solid

ETF funds ended eight straight weeks of outflows, with net inflows of $282 million this week—this sounds like a reversal signal. But look closer: Bitcoin ETFs only recovered 2.4% of the previously lost funds, while Ethereum ETFs recovered about 7%. With $9.46 billion cumulative outflows over eight weeks, this inflow is nowhere near enough to even stop the bleeding.
More concerning is that the inflow structure is highly concentrated. This week’s inflows almost entirely came from a few individual trading days, rather than sustained and steady buying. This kind of pulse-like inflow often corresponds to short-term dip-buying funds, not systematic institutional allocation. A similar one-week inflow also appeared in August last year, after which the market continued to fall.
On-chain data also confirms the fragility of the rebound. The total stablecoin issuance is still shrinking. Tron’s on-chain USDT hit a new high against the trend, suggesting real trading demand has not recovered. At the same time, the open interest share of on-chain leverage platforms such as Hyperliquid has reached a historic high, indicating that market sentiment is driven more by leveraged speculators than by spot buying.
The risk is that if macro pressure reappears—for example, the probability of Federal Reserve rate hikes rises back to 34%—these short-term funds could quickly withdraw, and the rebound could be reversed at any time. What we have now looks more like a technical bounce within a bear market, not a trend reversal.
$btc #eth #trx #usdt #hype