BTC Spot ETF Purchasing Power Plummets, Price Stability Has Other Reasons

Recently, the market performance of BTC spot ETFs has garnered significant attention. Data shows that in the past three months, its purchasing power has drastically decreased compared to the end of 2024 to the beginning of 2025, with the average value even falling below half of the previous level.

During the period from the end of 2024 to the beginning of 2025, the purchasing volume of BTC spot ETFs was exceptionally strong, with December 2024 seeing a buying volume of 51,500 BTC, as a large influx of capital drove the price of Bitcoin upward. At that time, institutional investors were actively positioning themselves, and retail investors were also influenced by market sentiment to participate, resulting in a flourishing market.

However, the market situation has significantly changed now. Although the current Bitcoin price remains at a relatively good level, the underlying support factors are entirely different. The sharp decline in purchasing power indicates a weakening of the core driving force behind price increases. The reason why the price can still remain stable is primarily due to the decreased number of selling investors. Holders in the market may be optimistic about Bitcoin's long-term value or concerned about current market uncertainties, choosing to continue holding, which has reduced selling behavior, thereby keeping the supply in the market relatively stable and allowing prices to be maintained.