#美国比特币etf净流入5.27亿美元
U.S. Bitcoin ETFs saw net inflows of $527 million yesterday, their biggest single-day inflow in a month. A lot of people saw that and immediately said institutions were buying the dip.
I took a closer look, and it’s not that simple.
That $527 million was basically all from BlackRock. Its IBIT fund took in $665 million in one day, while the other funds combined actually saw net outflows. Fidelity alone had outflows of more than $80 million.
Put simply, it wasn’t institutions lining up to get in. One large buyer (or a small handful of them) made a concentrated purchase through BlackRock. Other institutions are still pulling money out.
Now look at the price. More than $600 million came in, yet Bitcoin still fell 1.5% today and is now at $81,500.
That’s even more interesting. If $600 million is flowing in and the price isn’t rising, it means roughly the same amount of selling is happening at the same time. It’s hard to say who’s selling. It could be miners, buyers in South Korea topping up their margin, or people getting out early because they’re worried Strategy could be dropped from an index.
Put another way, this is why Bitcoin hasn’t been able to fall much below $80,000 lately. There are buyers underneath and sellers above, and the two sides are evenly matched.
There’s another number not to overlook. Over the previous two weeks, Bitcoin ETFs saw total outflows of more than $900 million. Yesterday’s inflow of just over $500 million didn’t even fill half that hole. Ethereum ETFs also saw $100 million in outflows yesterday, and have been bleeding money for three straight weeks.
So here’s my take: yesterday’s inflow is a good sign. At the very least, it shows that large amounts of capital are willing to buy around $80,000. But one day doesn’t establish a trend. We’d need to see net inflows for several consecutive days—and not just from BlackRock—for it to count as institutions really coming back.
Until then, with buyers stepping in below $80,000 and sellers pushing back above $84,000, Bitcoin will probably keep grinding within this range.
#美国比特币etf净流入5.27亿美元 $BTC
U.S. Bitcoin ETFs saw net inflows of $527 million yesterday, their biggest single-day inflow in a month. A lot of people saw that and immediately said institutions were buying the dip.
I took a closer look, and it’s not that simple.
That $527 million was basically all from BlackRock. Its IBIT fund took in $665 million in one day, while the other funds combined actually saw net outflows. Fidelity alone had outflows of more than $80 million.
Put simply, it wasn’t institutions lining up to get in. One large buyer (or a small handful of them) made a concentrated purchase through BlackRock. Other institutions are still pulling money out.
Now look at the price. More than $600 million came in, yet Bitcoin still fell 1.5% today and is now at $81,500.
That’s even more interesting. If $600 million is flowing in and the price isn’t rising, it means roughly the same amount of selling is happening at the same time. It’s hard to say who’s selling. It could be miners, buyers in South Korea topping up their margin, or people getting out early because they’re worried Strategy could be dropped from an index.
Put another way, this is why Bitcoin hasn’t been able to fall much below $80,000 lately. There are buyers underneath and sellers above, and the two sides are evenly matched.
There’s another number not to overlook. Over the previous two weeks, Bitcoin ETFs saw total outflows of more than $900 million. Yesterday’s inflow of just over $500 million didn’t even fill half that hole. Ethereum ETFs also saw $100 million in outflows yesterday, and have been bleeding money for three straight weeks.
So here’s my take: yesterday’s inflow is a good sign. At the very least, it shows that large amounts of capital are willing to buy around $80,000. But one day doesn’t establish a trend. We’d need to see net inflows for several consecutive days—and not just from BlackRock—for it to count as institutions really coming back.
Until then, with buyers stepping in below $80,000 and sellers pushing back above $84,000, Bitcoin will probably keep grinding within this range.
#美国比特币etf净流入5.27亿美元 $BTC