“I read the current move as evidence that the ETF bid that carried September has not yet returned strongly enough to offset renewed macro pressure. ETF inflows above roughly $300 million a session for several sessions (my threshold rather than a market one) would be an important signal that institutional demand is returning,” Oliver Carding, head of marketing at Tesseract Group, said in an email.

Martin Lee, head of content and data insights at DWF Labs, said large daily inflows matter more than extended inflow streaks that cumulatively bring in only a few hundred million dollars.

“Looking across the year, we’ve had 93 out of 190 (48%) trading days be negative while still seeing net $1.2B of inflows. Longer-term (week/month) size of…