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<p>🐋 ETF inflows need a second look 🐋

10x Research’s Markus Thielen estimates market makers account for up to half of the $60B in net spot Bitcoin ETF inflows he analyzed, per Cointelegraph. His argument: some ETF holdings hedge options trades rather than express a bullish BTC bet.

🔎 Operator note: ETF inflows alone do not prove fresh directional demand. Watch spot follow-through before chasing a flow headline. This is Thielen’s estimate, not a verified breakdown. NFA.

#Bitcoin #ETF #Crypto #Trading</p>

🐋 ETF inflows need a second look 🐋
10x Research’s Markus Thielen estimates market makers account for up to half of the $60B in net spot Bitcoin ETF inflows he analyzed, per Cointelegraph. His argument: some ETF holdings hedge options trades rather than express a bullish BTC bet.
🔎 Operator note: ETF inflows alone do not prove fresh directional demand. Watch spot follow-through before chasing a flow headline. This is Thielen’s estimate, not a verified breakdown. NFA.
#Bitcoin #ETF #Crypto #Tra

🐋 ETF inflows need a second look 🐋 10x Research’s Markus Thielen estimates market makers account for up to half of the $60B in net spot Bitcoin ETF inflows he analyzed, per Cointelegraph. His argument: some ETF holdings hedge options trades rather than express a bullish BTC bet. 🔎 Operator note: ETF inflows alone do not prove fresh directional demand. Watch spot follow-through before chasing a flow headline. This is Thielen’s estimate, not a verified breakdown. NFA. #Bitcoin #ETF #Crypto #Trading

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