For a long time, we've been saying that traditional investors haven't returned to the cryptocurrency space, and there's been a significant sell-off in Bitcoin spot ETFs. However, looking at weekly data, February's situation was indeed quite pessimistic, with a substantial number of traditional investors leaving the market. But starting in March, we can clearly see three consecutive weeks of net inflows. Although there was still an outflow in the last week of March, the amount wasn't very large.
This doesn't mean that traditional investors have started buying again. It likely represents that even traditional investors, and cryptocurrency investors themselves, have entered a similar state: while they have little interest in buying, they also have little interest in selling.
Investors holding large amounts of cryptocurrency are very likely not the counterparty to the spot price.
