farside

One day of product flow can flip the story.
On Monday, the US spot $BTC ETF recorded about +$159.9 million net inflows right away; on Tuesday (Sept 15), total net outflows were about -$450.4 million—according to Farside, the largest single-day redemptions since June 24 (when it was about -$469 million). Cointelegraph uses the same metric.
Take it apart: Fidelity FBTC about -$214.8 million, BlackRock IBIT about -$161.7 million, Grayscale GBTC about -$44.10 million, ARKB about -$17.40 million, BITB about -$12.40 million.
My take: that inflow on Monday—at most it’s a breather after four days of outflows. Don’t treat it as “institutional demand is back.” After a day, it gets pushed back— the pacing is tougher than slogans.