Bitcoin has surpassed $81,000, and everyone is saying institutions are entering. I checked this week’s data. On the days the bill failed and the rate hike was finalized, U.S. Bitcoin ETFs saw net outflows of over $700 million. Then on Friday, there was a sudden inflow of $433 million—Fidelity alone accounted for $311 million; combined with BlackRock, those two firms made up nearly 97% of the day’s total. What was the net inflow for the entire week? Just over $6 million. A fraction of a fraction. So institutions didn’t consistently buy in this week. They pulled out midweek, then made a single push on Friday—triggering a short squeeze—while Strategy still holds over 800,000 coins and showed no new significant buying activity this week.
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