Funds are flowing back.

Last week, BTC spot ETFs saw strong buying interest. In the ETF ecosystem of major mainstream cryptocurrencies, except for Ethereum which was relatively quiet, most other assets experienced net inflows. This signal cannot be ignored — since the beginning of 2025, the cumulative net inflow into crypto ETPs has exceeded one billion dollars, with the scale continuing to grow.

If this momentum continues, we may have to rewrite the entire story. The previous theory of a four-year crypto cycle may be replaced by a sustained growth trend dominated by institutional funds. This is no longer driven by retail investor sentiment but by the orderly entry of large capital.

However, based on the recent gains, it feels like we can quietly say those two words —

Bullish comeback.