U.S. Bitcoin ETF Weekly Inflows Recover to $439 Million, Coinbase Premium Narrows to -0.042

The weekly net inflows for U.S. spot Bitcoin ETFs have recovered to $439 million, marking the first significant positive value since May. The Coinbase premium index has narrowed to -0.042 after being negative for 78 consecutive days, rebounding about 80% from the February low of -0.229. U.S. spot demand is emerging from its peak pressure period; although the discount has not disappeared, it has significantly narrowed, confirming an improvement in market structure with the return of positive ETF fund flows. The overall ETF group is still at a loss of 22%, with an average cost basis of approximately $84,714, while the current BTC price is around $66,110. If the price rises back to that level, some holders may exit when breaking even, creating potential selling pressure. Analysts point out that a key signal is the simultaneous improvement of two indicators, but the premium has been negative for 78 days, and a sustainable reversal has yet to be confirmed. If the premium turns positive and weekly fund flows remain positive, it will confirm a change in the pattern; if fund flows turn negative again and the discount widens, the pattern from May to June will reappear.

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