New money has flowed into bitcoin spot exchange-traded funds (ETFs) for six straight sessions, helping bitcoin prices rebound.

Bitcoin Magazine reported on July 22 that about $1 billion has flowed into bitcoin spot ETFs since last Tuesday.

More than $930 million entered products run by BlackRock, Morgan Stanley and Grayscale over the period, according to Farside Investors. That marks a shift after a spell of weak flows and subdued price moves.

Bitcoin recently traded around $66,000. It slipped slightly over 24 hours but rose 1.75 percent over seven days. The weekly high was $66,891. Markets are watching whether ETF inflows are a signal supporting a price floor.

Caution still dominates views on price direction. Bitcoin remains about 50 percent below $126,080 recorded in October last year. Heavy liquidations, the Middle East war and inflation have weighed on prices, adding to the burden.

James Butterfill (제임스 버터필), head of research at asset manager CoinShares, acknowledged the possibility that bitcoin is near a bottom but drew a line on further upside. He said bitcoin likely has already reached a bottom or is close to one, but meaningful upside from current levels is not visible.

The macro environment is also cited as a variable. U.S. bombing of Iran and higher oil prices could raise the chance of inflation reaccelerating. Bitcoin has typically shown strength when inflation slows and expectations for rate cuts grow. In that setting, markets see it as difficult to conclude a trend reversal on ETF inflows alone.

NYDIG, in a report last week, attributed the cause of the current downturn to the supply structure rather than risk-off sentiment. The report said bitcoin's returns this year have lagged U.S. Treasuries, silver and the Swiss franc, making it the weakest performer among major assets. It also said that if the current decline develops similarly to past correction phases, a potential cycle bottom could be open around $38,000 to $39,000.

Bitcoin markets are increasingly likely to continue searching for direction between ETF inflows and macro uncertainty. In the short term, key points to watch are whether inflows persist and whether inflation and Middle East risks limit the price rebound.