$BTC | Another week, another headline about a company adding Bitcoin to its treasury. On the desk we split demand into channels before trusting any of it. A treasury buy is usually off-market, no new BTC gets created for it. ETF creation differs: an authorised participant must deliver real coin to mint a new unit. SatoshiMacro's ETF tracker puts cumulative US spot Bitcoin ETF net inflows since the 11 January 2024 launch at US$86.3 billion, correlating 0.7 to 0.8 with BTC price on a rolling 90-day window. My read: that correlation cuts both ways. ETFs amplify a trend, they do not start one. Early 2025's compression showed outflows run just as hard. One purchase is a data point, not a trend. Figures here are AUD-native then converted.
https://satoshimacro.com/tools/crypto/etf-flows/cumulative-btc-etf-holdings/
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