Bitcoin has ended its $1.5B outflow streak, yet the trade driving inflows could vanish under pressure

US spot Bitcoin exchange-traded funds recorded $561.8 million in net inflows on Feb. 2, ending a four-day streak of nearly $1.5 billion in outflows.

Investors could interpret the number as a return of conviction after punishing outflows, but Jamie Coutts, chief crypto analyst at Real Vision, offered a different read.

According to him:

“Aggregate ETF flows are not buying the dip. Net institutional demand is coming almost entirely from a shrinking group of Treasury-style buyers with remaining balance-sheet…