Nearly $30 billion flowed into exchange traded funds last month, but ETF trading volume declined significantly. Analysts are debating whether lower ETF volume is a bullish or bearish sign for the stock market.

ETFs saw net inflows of $29 billion in January, the best first month on record. [ETFs Rake in Cash]

However, daily volume in the 50 most-traded ETFs listed in the U.S. fell to the lowest levels since 2007 in January. [How Lower Trading Volume Impacts ETF Investors]

Last month, total monthly ETF turnover declined by 13%n from December to $1.1 trillion, according to Deutsche Bank.

“U.S. exchange traded product trading made up 26.9% of all U.S. cash equity trading in January, down from both its recent peak of 37.5% last August and its 3-year monthly average of 30.9%,” the bank said in a note Monday.

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