#BTC110KToday? The uncovered flows of the spot Bitcoin ETF show that BTC is now a macro asset.
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The flows into the spot Bitcoin ETF are mostly uncovered, reflecting the confidence of institutional investors.
💥Key points:
🔸Data from Avenir Group and Glassnode conclude that a significant portion of the inflows to the spot BTC ETFs are long, uncovered positions, indicating genuine institutional conviction rather than reliance on short-term arbitrage strategies.
🔸BTC continues to behave like a traditional macro asset with strong correlations to stocks, gold, and liquidity cycles, while moving inversely to the dollar and high-yield credit spreads.
A new study reveals that a significant portion of the inflows to the spot Bitcoin ETF BTC 91,981 € is not driven by arbitrage strategies or covered futures, but by long-term and uncovered demand from traditional markets, and is just a layer of a deeper ongoing transformation.
A collaborative report from Glassnode and Avenir Group mentioned that while the launch of spot Bitcoin ETFs in the U.S. marked a milestone for the cryptocurrency market, questions remained about whether the influx of capital was authentic or merely the result of base operations exploiting price differences between CME futures and spot markets.
#BinanceHODLerSAHARA #MarketRebound
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