ETFs bought $1.08 billion in three days, while miners quietly dumped: who won this game?
This week’s ETF numbers look great: $526.6 million on Monday, $23 million on Tuesday, and $528 million on Wednesday—for total net inflows of about $1.08 billion over three days (SoSoValue), ending two straight weeks of net outflows. BlackRock’s IBIT ($235 million) and Fidelity’s FBTC ($213 million) led the way on Wednesday, accounting for 85% between them.
But there’s another side to the coin: miners. Binance Research’s weekly report noted that the amount of BTC in miner wallets has fallen by about 15% since June. In August alone, 9,566 BTC flowed out—the largest monthly reduction since July 2024.
In other words, while Wall Street is taking in supply through ETFs, miners are cashing out at higher prices. Coins are moving from the hands of “producers” to those of “allocators.” And the price? BTC has been caught in a tug-of-war between $82,000 and $84,800, with neither side gaining the upper hand.
My take: Miner selling is a bearish supply-side overhang being cleared. Whether prices can rise hinges on whether ETF demand can absorb it. Around $80,000, buyers are clearly more patient than sellers. I’m not making a move unless it breaks below $80,000.
$BTC #Bitcoin
This week’s ETF numbers look great: $526.6 million on Monday, $23 million on Tuesday, and $528 million on Wednesday—for total net inflows of about $1.08 billion over three days (SoSoValue), ending two straight weeks of net outflows. BlackRock’s IBIT ($235 million) and Fidelity’s FBTC ($213 million) led the way on Wednesday, accounting for 85% between them.
But there’s another side to the coin: miners. Binance Research’s weekly report noted that the amount of BTC in miner wallets has fallen by about 15% since June. In August alone, 9,566 BTC flowed out—the largest monthly reduction since July 2024.
In other words, while Wall Street is taking in supply through ETFs, miners are cashing out at higher prices. Coins are moving from the hands of “producers” to those of “allocators.” And the price? BTC has been caught in a tug-of-war between $82,000 and $84,800, with neither side gaining the upper hand.
My take: Miner selling is a bearish supply-side overhang being cleared. Whether prices can rise hinges on whether ETF demand can absorb it. Around $80,000, buyers are clearly more patient than sellers. I’m not making a move unless it breaks below $80,000.
$BTC #Bitcoin