Bitcoin spot exchange-traded funds (ETFs) returned to net inflows of $110 million after $774 million was withdrawn over the past two days.

Cointelegraph, a blockchain media outlet, reported on Oct. 27 local time that ETF funds rebounded in a day despite bitcoin price volatility and weakening market sentiment.

Monthly flows remain negative. SosoValue data showed about $202 million in net outflows from bitcoin spot ETFs from the first day of October to that day. Despite the one-day rebound, flows remain in a monthly downtrend.

Market prices were also weak. Bitcoin slipped as low as $79,595 at one point and is now moving around $80,800. It is down 2.63 percent over the past 7 days.

Investor sentiment also cooled somewhat. The Crypto Fear & Greed Index fell to 48 from 50 the previous day, but the category stayed neutral.

On-chain flows showed a more pronounced retail selling bias. CryptoQuant data showed individual investors increased the amount of bitcoin sent to Binance, while deposits by large holders declined. Analyst Darkfost said retail bitcoin deposits into Binance over the past 30 days nearly doubled to $10.8 billion. Large-holder deposits fell to $3.8 billion.

Darkfost noted that small investors may be using the recent price rebound as an opportunity to sell. The rise in retail exchange deposits during a rebound is read as a signal that short-term profit-taking demand remains, separate from spot ETF inflows.

Ultimately, this shift to net inflows has the characteristics of a short-term rebound. ETF flows recovered on a daily basis, but bitcoin prices fell over the past week and investor sentiment stayed at a neutral level. In this situation, whether October’s cumulative flow turns positive again and whether retail selling pressure continues have become the next points to watch.