The redemption of cryptocurrency funds is declining, but incremental capital has not fully recovered.

Data from EPFR shows that the net inflow of global cryptocurrency funds in the latest week was about $1.5 billion, marking one of the strongest weeks for capital inflow this year.

The situation was completely opposite a few months ago. From May to July, cryptocurrency funds faced continuous large redemptions, and the cumulative capital flow over the past 12 months dropped rapidly from a net inflow of about $6 billion in April to a net outflow of about $3 billion in June.

In recent weeks, capital has started to flow back, and the cumulative net outflow has almost been offset. The pressure from continuous redemptions, passive reduction in positions, and sales of crypto assets has clearly eased compared to two months ago.

However, the cumulative capital flow over the past 12 months is still near zero, and the flow ratio calculated based on assets under management is similarly close to zero. Therefore, the latest inflow of $1.5 billion mainly serves to fill the gap left from the previous months, and has not formed a significant amount of new buying pressure yet.

This is still relatively favorable for the crypto market, especially for Bitcoin. The funds had dragged the market down in the past few months, but the selling pressure has gradually receded. If net inflows can be maintained for several consecutive weeks, then investors' funds may likely shift from selling to buying.

However, if capital turns negative again soon, this week's $1.5 billion may just be low-level replenishment, position rebalancing, or a one-time subscription. After all, I have mentioned many times before that there was clearly a lot of buying when Bitcoin was around $60,000, and we need to observe again after it rises quickly to nearly $80,000.

Additionally, EPFR tracks global cryptocurrency funds, and the overall amount of capital is greater than that of U.S. Bitcoin spot ETFs.

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