I noticed an interesting movement in the spot Bitcoin fund market — after months of stable capital outflows, serious money has returned to these instruments since the end of February. Approximately $1.7 billion has flowed in over the past few weeks, which looks like a clear signal. It seems that major investors are starting to believe that Bitcoin has found at least a short-term bottom.

What’s interesting is that earlier, when BTC was falling at the beginning of the year, no one was really buying the dip. Tech stocks were then gathering record volumes, while spot Bitcoin ETFs were doing the opposite. The difference in behavior was very noticeable. Now, the situation has shifted — investors have started allocating capital back into these funds. It appears that recent price resilience amid geopolitical tensions has given people more confidence.

An important point is that current flows look like direct positions on growth, rather than arbitrage strategies between spot and futures. Returns from such basis trades remain low, and open interest in crypto derivatives has decreased. This means people are simply betting on the direction of the price, not trying to profit from market differences. Such behavior usually indicates that large asset managers are beginning to see Bitcoin as a normal component of a portfolio, rather than a speculative asset.

As for XRP — there’s also movement. Integration into the Rakuten payment app for 44 million users, allowing them to spend and earn coins through bonuses, is a real step toward mass adoption, not just marketing. The price is rising amid high volumes and accumulation by whales, but it’s still in a broader downtrend. A bullish reversal has not yet been fully confirmed, but the direction is interesting.