【Deutsche Bank to custody BTC, while ETFs pull back】
Everyone thought “big banks entering the market” would immediately push BTC higher, but the money is flowing in the opposite direction.
In an interview with Reuters on October 16, Deutsche Bank’s co-head of corporate banking, Podobnik, said institutional custody services for BTC and ETH would launch “within a few weeks,” starting in Germany, pending completion of regulatory procedures.
On the same day, U.S. spot Bitcoin ETFs saw net outflows of $82.4 million, mainly from BlackRock’s IBIT and Fidelity’s FBTC. According to Farside data, cumulative net outflows since the start of October have exceeded $600 million.
My take: custody is “building the roads,” not “buying.” There’s a gap between the roads being ready and real money coming in—customer approvals and allocation cycles take time. In the short term, that won’t be enough to absorb ETF selling pressure.
On Binance Futures, BTC was at 81,634 at 19:00 on October 17, with open interest basically flat over 24 hours. Until ETFs return to sustained net inflows, I expect BTC to trade back and forth above 80,000. I’m in no rush to chase a long position.
What would invalidate this view: if ETFs see net inflows for two consecutive days next week and BTC climbs above 83,000 on strong volume, that would signal institutional buying has returned—and this call would be wrong.
Can “slow money” like Deutsche Bank’s save the short-term outlook?
Sources: Reuters, Farside
BTC #比特币 #ETF
📈 Top 3 futures gainers (19:11): $AGT +96.13%｜$EPIC +35.67%｜$Q +32.84%
#BinanceSquare
⚠️ The above is a summary of information and personal opinions, and does not constitute investment advice. DYOR.
Everyone thought “big banks entering the market” would immediately push BTC higher, but the money is flowing in the opposite direction.
In an interview with Reuters on October 16, Deutsche Bank’s co-head of corporate banking, Podobnik, said institutional custody services for BTC and ETH would launch “within a few weeks,” starting in Germany, pending completion of regulatory procedures.
On the same day, U.S. spot Bitcoin ETFs saw net outflows of $82.4 million, mainly from BlackRock’s IBIT and Fidelity’s FBTC. According to Farside data, cumulative net outflows since the start of October have exceeded $600 million.
My take: custody is “building the roads,” not “buying.” There’s a gap between the roads being ready and real money coming in—customer approvals and allocation cycles take time. In the short term, that won’t be enough to absorb ETF selling pressure.
On Binance Futures, BTC was at 81,634 at 19:00 on October 17, with open interest basically flat over 24 hours. Until ETFs return to sustained net inflows, I expect BTC to trade back and forth above 80,000. I’m in no rush to chase a long position.
What would invalidate this view: if ETFs see net inflows for two consecutive days next week and BTC climbs above 83,000 on strong volume, that would signal institutional buying has returned—and this call would be wrong.
Can “slow money” like Deutsche Bank’s save the short-term outlook?
Sources: Reuters, Farside
BTC #比特币 #ETF
📈 Top 3 futures gainers (19:11): $AGT +96.13%｜$EPIC +35.67%｜$Q +32.84%
#BinanceSquare
⚠️ The above is a summary of information and personal opinions, and does not constitute investment advice. DYOR.