Bitcoin just exited a six-day streak of ETF outflows that had been weighing on price. But that doesn’t mean the pressure is gone. So far, no sustained inflows have appeared to support a rebound.

The macro backdrop isn’t hostile to Bitcoin, but recent deleveraging across financial institutions has been a clear headwind. If that phase is ending, liquidity could start to rebuild, and with it, the flow dynamics that favour risk assets. Follow @ecoinometrics for more