We have established long time ago that both do matter. So in a case, where you wager 100k but lose 100, and wager 10k but lose 2k, you may actually get something pretty similar in both cases. Doesn't mean you will, just means that both do matter. It is not just one or the other, both plays a role which means that the extra 90k difference in wagering, could also be the difference between 1.9k lost money as well, and that could lead to similar amount of weekly reload as well.
We do not have the exact weight of each one so we can't possibly know which one will be the real deciding factor, so we just do whatever we can, but we do know that both wagering and the loss and even the VIP level all matters when you get a reload weekly or the monthly bonus.