In the ETF data released on September 3, spot Bitcoin ETFs saw net inflows of $101 million, basically driven by BlackRock’s IBIT (spot Bitcoin ETF) alone, which recorded net inflows of $115.4 million. Grayscale’s GBTC (spot Bitcoin ETF) saw net outflows of $56.2 million. Spot Ethereum ETFs overall recorded net outflows of $48.2 million. BlackRock’s ETHA (spot Ethereum ETF) saw outflows of $53.4 million, Fidelity’s FETH (spot Ethereum ETF) outflowed $26.2 million, while another ETHB (spot Ethereum ETF) actually recorded net inflows of $52.9 million. It looks like outflows, but in reality it’s funds rotating positions.
Earlier this morning, BTC was around 81,144 (+5.03%), ETH around 2,498 (+4.63%), and even ARB and ENA were both up by double-digit percentages.
I think this is not slow money driven by ETFs—sentiment led the move first. The allocation buyers haven’t formed a unified push: BTC is being carried largely by IBIT alone, while ETH is still seeing net outflows, yet the price surged ahead anyway.
What I fear most is that the market will interpret a broad-based rise as “ETFs need to keep entering.” My view is that if inflows don’t keep up over the next one or two days, the rally’s biggest surge today will also be met with the ugliest pullback.
Earlier this morning, BTC was around 81,144 (+5.03%), ETH around 2,498 (+4.63%), and even ARB and ENA were both up by double-digit percentages.
I think this is not slow money driven by ETFs—sentiment led the move first. The allocation buyers haven’t formed a unified push: BTC is being carried largely by IBIT alone, while ETH is still seeing net outflows, yet the price surged ahead anyway.
What I fear most is that the market will interpret a broad-based rise as “ETFs need to keep entering.” My view is that if inflows don’t keep up over the next one or two days, the rally’s biggest surge today will also be met with the ugliest pullback.