Market makers may account for half of the $60 billion in net inflows into spot Bitcoin ETFs—that’s the estimate from 10x Research founder Markus Thielen after reviewing U.S. SEC 13F filings. These institutions hold ETF shares to hedge options positions, which doesn’t necessarily mean they’re bullish on Bitcoin.
He credits Wall Street with driving this cycle: institutions sell call options after prices rise, making the double-digit surges seen in earlier years less common. He still puts Bitcoin’s year-end target at $90,000 for $BTC , but doesn’t think it will rise all the way there; Bitcoin has already fallen 7.3% in October.
He applies the same framework to $ETH : he has been bearish on Ethereum for over a year, arguing that most of the value created by ecosystem activity flows to Layer 2, leaving holders without a corresponding return. ETF creations and redemptions are reported daily, but 13F filings are quarterly, so we’ll have to wait for the next batch of filings to see how much is attributable to hedging.
#比特币ETF #Ethereum
He credits Wall Street with driving this cycle: institutions sell call options after prices rise, making the double-digit surges seen in earlier years less common. He still puts Bitcoin’s year-end target at $90,000 for $BTC , but doesn’t think it will rise all the way there; Bitcoin has already fallen 7.3% in October.
He applies the same framework to $ETH : he has been bearish on Ethereum for over a year, arguing that most of the value created by ecosystem activity flows to Layer 2, leaving holders without a corresponding return. ETF creations and redemptions are reported daily, but 13F filings are quarterly, so we’ll have to wait for the next batch of filings to see how much is attributable to hedging.
#比特币ETF #Ethereum