Bitcoin has performed a muted recovery over the past day, posting a 5% gain on the eve of the digital asset's halving event.

The cautious uptick comes despite spot bitcoin exchange-traded funds (ETFs) recorded a streak of net outflows. According to The Block’s Data Dashboard, the combined U.S. spot bitcoin ETFs have now registered outflows totaling $641 million for the past five consecutive trading days, beginning last Friday. In the same time period, ETF inflows were only $321 million, leading to a net negative flow of $320 million. This is the longest net outflow streak for a month and comes ahead of the supposedly bullish halving event.

The largest digital asset by market capitalization increased by around 5% in the past 24 hours and was changing hands for $65,331 at 8:37 a.m. ET, …