Update on Bitcoin ETF Flows
Since the beginning of August, the net flows of spot ETFs in the U.S. have dropped sharply, now averaging only ±500 BTC per day (14-day MMS).
This number is well below the inflow intensity that drove previous cycle highs, highlighting a loss of momentum from TradFi investors.
Given the crucial role that ETFs have played in leveraging, this slowdown introduces fragility into the current market structure.