#比特币现货etf四日流入23.1亿美元
This data is actually a bit strange..
💥 最新消息群里说
Early this morning, Bitcoin broke below $84,000; Dogecoin fell 8% in a day. Worldcoin and Pepe led the declines. U.S. Treasury yields also hit the highest level since 2007.. Everyone is talking about the same thing: money is pulling out..
But on the same day, U.S. spot Bitcoin ETFs recorded net inflows of $347 million.. And this is the fifth consecutive trading day of net inflows..
Now things start to look different..
Let’s lay out the numbers.. On Sep 17: $159.5 million, Sep 18: $433 million, Sep 21: $999 million, and by Sep 23: $347 million. BlackRock’s IBIT alone took about $166 million—nearly half of the day’s total.. Even more interesting: on the same day, spot Ethereum ETFs also pulled in $105 million, with each ETHA taking $50.8 million. Together, the two types total roughly $452 million..
So what’s really worth watching isn’t “it fell,” but who is selling and who is buying..
This round of underperformance is led by DOGE, Worldcoin, and Pepe—what’s being sold is leveraged positions and sentiment-driven positions.. Meanwhile, the money in the ETF channel is passive buying that follows the calendar; it doesn’t care about today’s candlestick chart, and it doesn’t look at liquidation data.. One is money in trading accounts, and the other is money in brokerage accounts. The more urgent the price move, the more opposite these two groups’ actions become..
That’s where things get intriguing..
Bitcoin is currently being tugged by two forces at the same time.. One side is that the risk-free rate is being repriced, making the opportunity cost of holding non-yielding assets more expensive; the other side is that the regulated channel has been absorbing continuously for five days.. The former determines whether it’s worth holding; the latter determines whether anyone is there on the other side to catch the selling..
But here’s the question..
The inflows are actually cooling off.. From $999 million down to $347 million—shrinking by about two-thirds over the week. This looks more like a natural pullback after a concentrated build-up, not continued aggressive adds.. If one day this number flips to negative while the price hasn’t dropped enough, that’s when it becomes truly concerning..
What’s really worth tracking isn’t tonight’s candlesticks—it’s whether the ETF’s daily net inflows have broken..
Once inflows turn negative, both price and capital will turn around together—that’s when a turning point happens.. Conversely, if the price keeps grinding lower and inflows can still stay positive, then this move is just leveraged positions being flushed—not money exiting.
This data is actually a bit strange..
💥 最新消息群里说
Early this morning, Bitcoin broke below $84,000; Dogecoin fell 8% in a day. Worldcoin and Pepe led the declines. U.S. Treasury yields also hit the highest level since 2007.. Everyone is talking about the same thing: money is pulling out..
But on the same day, U.S. spot Bitcoin ETFs recorded net inflows of $347 million.. And this is the fifth consecutive trading day of net inflows..
Now things start to look different..
Let’s lay out the numbers.. On Sep 17: $159.5 million, Sep 18: $433 million, Sep 21: $999 million, and by Sep 23: $347 million. BlackRock’s IBIT alone took about $166 million—nearly half of the day’s total.. Even more interesting: on the same day, spot Ethereum ETFs also pulled in $105 million, with each ETHA taking $50.8 million. Together, the two types total roughly $452 million..
So what’s really worth watching isn’t “it fell,” but who is selling and who is buying..
This round of underperformance is led by DOGE, Worldcoin, and Pepe—what’s being sold is leveraged positions and sentiment-driven positions.. Meanwhile, the money in the ETF channel is passive buying that follows the calendar; it doesn’t care about today’s candlestick chart, and it doesn’t look at liquidation data.. One is money in trading accounts, and the other is money in brokerage accounts. The more urgent the price move, the more opposite these two groups’ actions become..
That’s where things get intriguing..
Bitcoin is currently being tugged by two forces at the same time.. One side is that the risk-free rate is being repriced, making the opportunity cost of holding non-yielding assets more expensive; the other side is that the regulated channel has been absorbing continuously for five days.. The former determines whether it’s worth holding; the latter determines whether anyone is there on the other side to catch the selling..
But here’s the question..
The inflows are actually cooling off.. From $999 million down to $347 million—shrinking by about two-thirds over the week. This looks more like a natural pullback after a concentrated build-up, not continued aggressive adds.. If one day this number flips to negative while the price hasn’t dropped enough, that’s when it becomes truly concerning..
What’s really worth tracking isn’t tonight’s candlesticks—it’s whether the ETF’s daily net inflows have broken..
Once inflows turn negative, both price and capital will turn around together—that’s when a turning point happens.. Conversely, if the price keeps grinding lower and inflows can still stay positive, then this move is just leveraged positions being flushed—not money exiting.
