Yeliz Akmaca 
Spot Bitcoin ETF recorded a decisive shift last week as institutional investors stepped back into the market. Over just five trading days, funds attracted a net $1.42 billion in inflows, marking their strongest weekly performance since early October. While price volatility persisted, the direction of capital flows suggested a deeper structural change beneath the surface.
According to SoSoValue data, inflows were heavily concentrated midweek. Wednesday alone saw approximately $844 million in net inflows, the strongest single-day demand recorded so far for spot Bitcoin ETF. Tuesday followed closely with $754 million in inflows. Toward the end of the week, sentiment softened. Friday registered roughly $395 million in outflows. Still, that pullback did little to offset the scale of midweek accumulation.
During the same period, Bitcoin traded around the $95,145 level. ETF absorption, however, pointed to a signal that extended beyond short-term price action.
Supply Tightens as Risk Dynamics Shift
Vincent Liu, Chief Investment Officer at Kronos Research, said recent ETF inflows indicate that long-term investors are returning after a period of caution. According to Liu, demand flowing through regulated vehicles is gradually tightening effective supply and altering the market’s risk balance.
On-chain indicators reinforce this view. Large holders—commonly referred to as whales—have significantly reduced net selling compared with late December. This easing has weakened a key source of distribution pressure that weighed on prices in recent months. Combined with steady ETF buying, the market is beginning to feel structurally tighter, even as volatility remains elevated.
That said, the picture is still fragile. Liu cautioned that current conditions should not yet be interpreted as a confirmed trend reversal. While renewed inflows and declining whale sales suggest the formation of more durable institutional demand, the shift remains in its early stages.
Related: Mixed Signals in Spot ETFs as Bitcoin Turns Negative
Ether ETF Demand Loses Momentum
While Bitcoin ETFs posted a strong showing, Ether ETFs experienced a more uneven week. Early sessions reflected solid demand, with roughly $290 million in net inflows on Tuesday and about $215 million on Wednesday. Momentum faded toward the end of the week, however, culminating in approximately $180 million in net outflows on Friday.
As a result, Ether ETFs closed the week with net inflows of around $479 million. ETH hovered near $3,314, but investor interest appeared notably less consistent than on the Bitcoin side.
Why It Matters
Capital entering through ETF channels reshapes market structure rather than merely driving short-term price moves. Persistent buying allows funds to absorb sell pressure during pullbacks, making sharp drawdowns easier to digest. This mechanism, however, only translates into a meaningful trend if inflows remain consistent over time.
Too Early to Call a Sustained Rally
According to Bitcoin macro intelligence newsletter Ecoinometrics, recent spikes in spot Bitcoin ETF inflows have tended to trigger short-lived price jumps rather than sustained uptrends. When inflows slow, gains are often retraced. The publication argues that several consecutive weeks of strong ETF demand are required to shift the broader trend.
With cumulative ETF flows still deeply negative, isolated positive days may help stabilize prices but are unlikely to support a durable rally on their own. For now, the market offers no clear directional signal. Institutional capital may be returning, yet whether this marks a lasting shift will depend on the pace and consistency of ETF flows in the weeks ahead.
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