Bitcoin ETFs draw $500M but weak demand leaves rebound exposed
US spot Bitcoin ETFs saw a sharp two-day rebound, taking in about $487 million after a 10-session outflow streak, giving BTC near-term support and helping it hold around $63,000. But the recovery looks fragile: the Coinbase Premium Index has stayed negative for 50 straight days, signaling weak US spot demand, and Bitcoin’s apparent demand remains below zero, though less negative than in early June. On-chain and exchange data also do not yet show strong accumulation. Exchange balances are rising, suggesting supply is not being absorbed aggressively. Analysts said the recent BTC bounce may be driven more by easing macro conditions, thin summer liquidity, and short-covering than by a durable demand shift. Bulls still have a tactical case if ETF inflows continue and the Coinbase premium turns positive, but a sustained uptrend likely requires stronger spot buying and clearer signs that supply is moving into long-term storage.
