After five consecutive weeks of outflows, US Bitcoin ETFs are finally catching their breath. In just three days, $1.1 billion flowed in — the best performance since mid-January. The BlackRock iShares Bitcoin Trust (IBIT) led the way with $652 million, but the highlight was Grayscale's GBTC. On Wednesday, GBTC recorded its largest single-day inflow since it became an ETF. This is significant because GBTC carries the highest fee among the funds, so when it moves like this, it signals that something is changing.

The numbers suggest that American institutional demand is returning. Coinbase’s Premium Index — which measures the price difference of Bitcoin in the US versus the rest of the world — exited 40 days of negative readings and turned positive again. This typically indicates that major US players are buying again. Indeed, total holdings in spot ETFs reached 1.29 million BTC. Interestingly, even with prices well below October’s peak, assets under management are now less than 10% below the top. It seems institutions are accumulating at lower prices.

Meanwhile, GBTC and other ETFs continue to consolidate. Bitcoin fluctuated around $60,000, but is now at $77,600. Open interest on CME dropped to 107,780 BTC, suggesting that these ETF flows are indeed straight long positions, not just hedges. The shift in sentiment is real.