The recent cryptocurrency spot ETF market has been somewhat dull, with capital inflows essentially stagnant. However, there was a sudden shift in sentiment at the close last Friday (January 2nd)—both BTC and ETH spot ETFs experienced large inflows, with net inflows of $471 million and $174.5 million respectively.

What is the logic behind this? Market data reveals several details. At the end of December, on-chain analysis platforms detected whales starting to accumulate ETH heavily from December 28th, signaling a clear bullish outlook. Meanwhile, the behavior of long-term BTC holders also shifted—they stopped selling for the first time since July and turned to net buying.

From the data, whether it’s large investors positioning or long-term players changing their attitude, all point in the same direction: market sentiment is heating up. This shift from waiting to action often signals a bottom rebound.