U.S.-listed Bitcoin spot funds saw net inflows of $197.4 million in the week ended Friday, breaking an eight-week streak of weekly outflows stretching back to May.

Data from Farside Investors can be seen that most of this week’s gains came from the BlackRock iShares Bitcoin Trust ETF, which saw inflows of $291.9 million. This was offset by outflows from the Grayscale Bitcoin Trust ETF, the Fidelity Wise Origin Bitcoin Fund and the ARK 21 Shares Bitcoin ETF.

The end of the outflow streak may suggest that institutional demand for Bitcoin is recovering after two months of sustained selling pressure. However, analysts say it is too early to tell.

“While one week of inflows does not define a trend, it comes at a time when institutional confidence is growing with the potential passage of the CLARITY Act in the U.S. next August,” Monochrome Asset Management founder and CEO Jeff Yew told Cointelegraph.

“This may be an early indication that institutions are starting to get ahead of the curve on greater regulatory certainty, which is what long-term capital allocators often want.”

Meanwhile, 10x Research founder and CEO Markus Thielen said ETF and stablecoin outflows and seasonality in August and September continue to make investing complex.

“Over the past few months, a pattern has also emerged where Bitcoin outperforms in the first half of the month and then consolidates in the second half. With no flows still evident and ETF flows yet to see significant growth, even after Bitcoin jumps over 9%, headwinds remain in our view.”

The weekly inflow of $197.4 million was modest compared with $8.26 billion that investors have withdrawn since May 11.

Total net inflow of Bitcoin ETF on hand. Source: SoSoValue

Last week, Real Vision chief cryptocurrency analyst Jamie Coutts told Cointelegraph that Bitcoin may be entering the final phase of a bear market, based on early technical signals suggesting that selling pressure is easing.

Related: Strategy’s Saylor needs clarity in BTC’s core message to convince investors: StanChart

“I think we’re past most of the bear market. It’s not over yet, definitely. But you know, I think we’re getting at least into the second half,” Coutts said.

Other analysts say further declines could occur.

Russell Thompson, chief investment officer at asset management firm Hilbert Capital, told Cointelegraph last week that he believes bitcoin remains in a downtrend and could bottom out around October this year.

Ether ETFs are also breaking a streak of outflows

Meanwhile, U.S.-listed spot Ether ETFs also snapped an eight-week losing streak, recording net inflows of $84.42 million in the week ended Friday, led by BlackRock and Fidelity Ether funds.

Inflows paled in comparison to net outflows of $1.2 billion since May 11.

Warehouse: Has Bitcoin bottomed this cycle? Analysts say “not yet”