Summary
Bitfinex analysts are not concerned about the state of inflows into spot Bitcoin ETFs, as negative outflows are mainly from the Grayscale Bitcoin Trust due to investors switching to lower fee options and taking profits. Long-term holders who entered during the bear market are among those selling.
Key Points
1. Bitfinex analysts do not view the state of inflows into spot Bitcoin ETFs as a cause for concern.
2. Negative ETF outflows last week were primarily from the Grayscale Bitcoin Trust (GBTC), as investors switch out of higher fees and take profits.
3. Many investors in spot Bitcoin ETFs are long-term holders who entered during the bear market.