Summary
TLDR: Demand for U.S. Bitcoin spot ETFs hit a record high of over $1 billion in daily net inflows. Outflows from Grayscale Bitcoin Trust have slowed, while BlackRock’s iShares Bitcoin Trust saw a record $849 million in inflows. Experts predict a potential liquidity crisis in the Bitcoin market if ETFs continue to absorb coins at the current rate. Bitcoin exchanges are experiencing stronger outflows than inflows, and miner revenues are at “overpaid” levels, indicating potential selling pressure.
Key Points
1. Demand for U.S. Bitcoin spot ETFs reached a record high of over $1 billion in daily net inflows, exceeding expectations and driving Bitcoin to a new all-time high.
2. The Grayscale Bitcoin Trust (GBTC) saw decreased outflows, while BlackRock’s iShares Bitcoin Trust (IBIT) and smaller rivals like VanEck experienced significant inflows, contributing to the overall growth of ETFs in the market.
3. Known on-chain entities currently hold 3 million BTC, with 1.5 million BTC held by US entities. Analysts warn of a potential liquidity crisis if ETF buying demand continues at its current rate, potentially impacting Bitcoin’s market dynamics.