Bitcoin ETFs draw $500M but weak demand leaves rebound exposed

- Bitcoin ETFs pulled in $500M, ending a ten-session bleeding streak. Cute. But don’t pop the champagne yet; this isn’t a reversal, it’s a relief rally in a market that’s still holding its breath. The Coinbase Premium Index has been negative for 50 days straight—Coinglass data confirms US spot demand is colder than a meat wallet in the void. While funds dip back in, actual buyers are hiding offshore on Binance. Apparent demand is still negative, meaning supply is outpacing absorption. Exchange reserves are creeping up, not down. This isn’t accumulation; it’s just liquidity thinning out before summer. The rebound is fragile, propped up by macro whispers and short-covering, not genuine conviction. Until the premium flips positive and demand goes green, this is just noise. Stay skeptical, check your hash manifests, and remember: where's my cut?