Bitcoin ETFs end 'most overwhelming' $2.7B sell-off amid new $85M net outflow
Bitcoin’s institutional demand is improving but remains weak. Swissblock said the recent ETF sell-off appears to have ended after US spot Bitcoin ETFs recorded ten straight days of outflows totaling $2.7 billion, followed by several days of net inflows before a small outflow on Wednesday. Even so, ETF accumulation is only mildly positive, and institutional conviction has not fully returned. Onchain analysis also shows a split between markets: Bitcoin’s 30-day cumulative demand has recovered from around -500K BTC to about -75K BTC, but the rebound has come mainly from futures traders. Futures demand has turned slightly positive, while spot demand is still negative. That suggests the latest price bounce is being driven more by derivatives than by direct buying, and stronger rallies usually require both spot and futures demand to rise together.
