Who Bought $3 Billion in Bitcoin ETFs — and Why Did the Inflows Suddenly Stop? via @cryptoquant_com U.S. spot Bitcoin ETFs saw about $202 million in net outflows on Aug. 28, ending a nine-day inflow streak that had brought in roughly $3.04 billion. Why did money rush in first? Three factors likely mattered: improving liquidity expectations in the U.S., Bitcoin’s sharp price recovery, and a major short squeeze. CryptoQuant data also suggests ETF demand does not appear only at low prices. In some cases, inflows become stronger after Bitcoin has already risen, implying a feedback loop: price recovery attracts ETF demand, which can then reinforce the rally. Who is buying? Recent 13F filings show participation from banks, hedge funds, investment advisers, sovereign wealth funds and university endowments. That does not mean every ETF buyer is outright bullish. Some institutions may hedge with CME futures or use ETF positions for arbitrage and market-making. The Aug. 28 outflow was small compared with the prior $3.04 billion inflow. For now, it looks more like profit-taking and position adjustment than a clear exit by institutions. The key question for September is whether those flows return. If ETF inflows resume while Bitcoin holds or reclaims $80,000, the case for a broader institutional allocation becomes much stronger. https://t.co/PB6tPN9Z56—-and-Why-Did-the-Inflows-Suddenly-Stop?