Yesterday, only BlackRock’s fund saw a net inflow of $665 million into Bitcoin ETFs, bringing the total net inflow down to $526 million due to outflows from other funds. I mentioned yesterday that there was signs of recovery on the spot side. So, while we’re seeing improvements on our end, Bitcoin’s price isn’t holding up because it’s still correlated with oil. If ETF demand continues, this correlation will eventually break—but it remains uncertain whether ETFs can sustain such buying pressure.
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