Year-to-date negative spot ETF flows and a cluster of long liquidations near $63,200 suggest the recent stabilization may be temporary deleveraging rather than a confirmed trend reversal.

"A July CryptoSlate analysis documented a previous ETF recovery that was erased by the next reversal. That earlier episode does not predict the next flow, but it shows why one positive session offers limited evidence of durability."

"Spot ETF flows are still negative for the year, meaning the recent daily inflow streak is not yet a full reversal in broader institutional demand. A cluster of long liquidations sits roughly 1.5% below the current price, around $63,200. That kind of liquidation "gravity" can add volatility if price drifts lower."