The rebound is here, and now a lot of people are asking: Is this the bottom? Is this the start of a new bull market? But instead of focusing on the candlestick charts, I’m paying more attention to another set of data—ETF fund flows. Over the past ten days, U.S. spot BTC ETFs have seen continuous net outflows. IBIT, FBTC, GBTC are all reducing positions. Prices are rising, but funds are leaving. What does this tell us? It suggests that this rally feels more like emotional recovery and short covering, rather than a trend reversal driven by new inflows. In the market, there’s one type of rally called “going up,” and another type called “can’t go down anymore.” What truly determines the trend has never been a few green candles, but whether real money is flowing back in. Because prices can deceive, news can deceive. Emotions can deceive too, but funds don’t lie. I’ve always believed: prices can temporarily detach from funds, but trends can never escape the influence of capital. As long as ETF funds continue to flow out, most of these adrenaline-pumping rebounds will likely end up being fleeting. A true bull market has never been about price increases—it starts on the day when funds start flowing back in.