Bitcoin ETF Flows Turn Positive, But Institutional Demand Remains Weak
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Despite positive inflows into US spot Bitcoin ETFs after a ten-day losing streak, institutional demand is "not yet strong." Analysis indicates that while the "overwhelming" sell-off may be over, a clear gap persists between spot and derivatives market trends, suggesting derivatives traders are driving the recent bounce, not spot buyers.
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Bitcoin ETFs experienced ten consecutive days of net outflows totaling $2.7 billion before a recent reversal to positive inflows. However, analysis suggests institutional conviction has not fully returned.
Bitcoin (BTC) institutional demand is “not yet strong” despite positive inflows to the US spot Bitcoin exchange-traded funds (ETFs).
Key points:
Bitcoin ETF flows reverse a ten-day losing streak, but analysis warns that demand remains weak.
An "overwhelming" sell-off is nonetheless over, says Swissblock.
Overall BTC demand shows a clear gap between spot and derivatives trends.
Swissblock on Bitcoin ETF outflows: "The storm has passed"
In new X commentary on Thursday, crypto investment company Swissblock called an end to the “most overwhelming” ETF sell-off in history.
“The storm has passed: The most overwhelming ETF distribution wave of this bear market has ended,” it wrote.
“As Bitcoin Risk continues easing from Capitulation Risk, Spot ETF flows have turned slightly positive again.”
Beginning June 17, the ETFs saw ten straight days of net outflows totaling $2.7 billion, data from UK-based investment company Farside Investors confirms.
The cohort then began to reverse the trend, and saw over $500 million of net inflows over three trading days before a net $84.9 million outflow for Wednesday.
US spot Bitcoin ETF netflows (screenshot). Source: Farside Investors
Swissblock described the results as a “caveat” to the recovery signal.
“ETF accumulation is positive, but not yet strong. Institutional conviction is not returning with full force,” it added.
“Has the storm passed? Or is Bitcoin simply in the eye of the storm?”
US spot Bitcoin ETF netflows. Source: Swissblock/X
Bitcoin spot markets fail to match futures demand rebound
As Cointelegraph reported, analysis sees overall demand as a key stumbling block on the way to a bullish market recovery.
Related: BTC speculators in focus as analysis says 'textbook Bitcoin bottom' is underway
In fresh research for onchain analytics platform CryptoQuant this week, contributor IT Tech saw conditions partially improving, albeit with a clear divide between spot and derivatives markets.
“A week ago, the 30-day cumulative demand was close to -500K BTC. Today, it’s recovered to roughly -75K BTC,” they summarized.
In that time, futures demand went from -295,000 BTC to a “slightly positive” figure, while spot demand stayed negative.
“This tells us something important. The latest bounce has been driven primarily by derivatives traders, while spot buyers are still relatively cautious,” IT Tech commented.
“Historically, the strongest and most sustainable rallies begin when both futures and spot demand move higher together.”
Bitcoin demand comparison (screenshot). Source: CryptoQuant
Açık Sorular
- Will spot demand catch up to derivatives demand?
- Is the current bounce sustainable?
