Bitcoin spot exchange-traded funds (ETFs) ended an eight-week streak of net outflows and turned to net inflows on a weekly basis.

Blockchain media outlet CryptoSlate reported on July 12 that the 13 products took in a combined $197 million over the week.

The net inflow halted the eight-week run of fund outflows from the bitcoin spot ETF market. With flows turning positive again, bitcoin rose 3 percent on the week and at one point moved above $64,000, but it has since slipped back to around $63,500.

Last week’s pattern can be summed up as an early rise, midweek weakness and a late rebound. Data compiled by SosoValue showed $265 million of inflows on the first trading day of the week ending July 10, followed by another $21.4 million the next day. The trend then reversed midweek, with net outflows of $84.8 million on Wednesday and $95 million on Thursday. Inflows of $90.4 million returned on Friday, keeping the week in positive territory.

Ether spot ETFs showed the same pattern. Ether products also snapped an eight-week streak of net outflows and posted net inflows of $84.42 million over the week. That suggests selling pressure eased somewhat across bitcoin- and ether-linked products.

The market is not immediately interpreting the rebound as a recovery in institutional demand. Digital asset market data firm Swissblock said the strongest wave of ETF distribution in this bear market had ended, and that as bitcoin risk indicators eased from a capitulation zone, spot ETF flows also returned to slightly positive territory.

The issue is the strength of demand. Some point out that given the scale of the eight straight weeks of net outflows, it is hard to say the cumulative trend has changed based on just a few days of net inflows. Digital asset analysis firm Econometrics assessed that bitcoin holding around $64,000 was an unexpected move given the outflows across the ETF segment, meaning bitcoin price stabilisation is proceeding faster than any recovery in ETF demand.

Econometrics said what matters is not whether ETF flows turn positive for a day or two, but whether net inflows are sustained for long enough to reverse the trend in cumulative holdings. It said it remains to be seen whether the recent shift into positive territory is a temporary rebound or the start of a real return of funds.

Swissblock also said the current intensity of accumulation is weak and institutional conviction is not clear. That has led to the view that while the net inflow can be read as a sign of slowing selling pressure, it is not yet the stage to conclude the trend itself has reversed.

Ultimately, the key point to watch is persistence. Bitcoin spot ETFs have moved away from eight straight weeks of weakness, but consistent net inflows over the coming weeks will be needed to confirm whether investors are actually increasing their exposure again. The rebound could be a starting point, but it is still closer to a pause in the retreat.