According to Farside data, this week saw a total inflow of $225 million into Bitcoin spot ETFs, bringing the cumulative net inflow for the week to $683.3 million, effectively ending a five-week streak of nearly $4 billion in net outflows. Despite the overall volatility in the crypto ETF market, Bitcoin-related products have shown a clear preference for funds, reflecting a structural demand from investors for BTC spot exposure that is beginning to recover.
In the context of increasing geopolitical uncertainty, risk assets are generally under pressure, and market sentiment is becoming cautious. Data from CoinGecko shows that Bitcoin has risen approximately 5.4% over the past seven days. Although the price movement has not been dramatic, it has remained steady, providing some confidence for certain investors.
In contrast to the inflows into Bitcoin ETFs, Ethereum-related funds have experienced net outflows. The Crypto Fear & Greed Index fell to 10 (extreme fear zone) on Wednesday, indicating that traders still have doubts about the short-term price direction and liquidity.
There are significant divergences in industry opinions. Ray Dalio, founder of Bridgewater Associates, reiterated his skepticism about Bitcoin as a currency on the “All-In” podcast, pointing out that its market size is far smaller than that of gold, and it has structural shortcomings such as privacy protection and quantum computing risks, making it difficult to serve as a mainstream store of value. He emphasized, “There is only one gold, and Bitcoin does not yet hold the same status.”
In response, Bitwise Chief Investment Officer Matt Hogan quickly countered on the X platform, stating that it is precisely these questioned characteristics—such as decentralization, scalability, and early market size—that constitute the growth potential for Bitcoin in the future. He wrote, “Some see criticism, I see opportunity. If these challenges did not exist, Bitcoin’s price might have already reached $750,000. I invest in Bitcoin because I believe these obstacles will eventually be overcome.”
In the current market environment, despite overall liquidity in the crypto ecosystem being tight, Bitcoin spot ETFs have still become an important entry point for institutional and retail funds, demonstrating their gradually established institutional status within the mainstream financial system.