For most of the past three months, both #Bitcoin and #Ethereum spot ETFs have been seeing steady outflows, with the 30 day #SMA of net flows staying in negative territory. Instead of fresh capital coming in, funds have generally been moving out. There hasn’t been any consistent shift toward positive inflows that would signal renewed confidence from investors.

Activity levels suggest that large players are either staying on the sidelines or trimming their positions. Unless this trend flips and we start seeing sustained inflows over several weeks, it’s hard to say that meaningful demand has returned to the market.