More than $400 million left bitcoin spot exchange-traded funds (ETFs) in a single day, effectively nullifying the recent inflow trend. The market is watching whether the rebound that followed the end of an eight-week outflow streak was only temporary.

On July 14 local time, blockchain media outlet CryptoSlate reported that U.S. bitcoin spot ETFs posted net outflows totaling $424.7 million on July 13. That pushed cumulative flows from July 6 to July 13 back to a net outflow of $227.3 million.

The latest outflow exceeded the net inflows recorded over the previous five trading days. Bitcoin spot ETFs posted total net inflows of $197.4 million over those five sessions, ending an eight-week run of outflows, but the single-day withdrawal on July 13 was more than double that amount, halting the rebound.

Flows differed sharply by product. Last week, BlackRock's IBIT drew $291.9 million and effectively led the industry's overall net inflows. Over the same period, $93.4 million left Fidelity's FBTC.

Conditions worsened on July 13. Net outflows of $245.6 million from FBTC and $185.5 million from IBIT drove the broader market's withdrawals.

Some ETFs saw new inflows. VanEck's HODL took in $6.1 million, and Grayscale's low-fee bitcoin fund received $53.4 million. But $53.1 million left Grayscale's existing GBTC, limiting any shift in the overall trend.

Some analysis said the move shows the recent ETF rebound reflected concentration in specific products rather than a broader improvement in market investor sentiment. Most of last week's inflows were concentrated in IBIT, and buying did not spread across ETFs run by multiple managers. With IBIT also turning to net outflows, expectations for a recovery in demand are also weakening again.

Bitcoin traded around $62,611 as of July 14, but fund flows alone did not reveal why ETF investors pulled money out. It was not disclosed whether the sellers were institutional investors, advisers or retail investors, and it was also unclear whether the ETF outflows led directly to spot bitcoin sales.

Changes in market structure also affect interpretation. The U.S. Securities and Exchange Commission (SEC) allowed in-kind creation and redemption for crypto exchange-traded products in July last year. That means ETF shares do not necessarily have to be redeemed in cash and can be exchanged for actual bitcoin, making it difficult to conclude selling pressure from outflow 규모 alone, the explanation said.

The market sees this week's fund flows as an important turning point. To offset the $424.7 million net outflow recorded on July 13, net inflows of at least the same amount would be needed over the remaining trading days. To also recover the $197.4 million net inflows seen in the prior week, more than $622.1 million in new money would need to flow in.

Experts see the dispersion of inflows as more important than the total amount. Only if money flows evenly into ETFs run by multiple managers can it be read as a broad-based recovery in demand. If buying remains concentrated in a few products or outflows continue, the first net inflow in nine weeks is more likely to be judged as only a temporary rebound.