Data: Recently, BTC spot buying pressure has been limited, with ETF net inflows showing a divergence from increasing spot exposure
BlockBeats News, September 15th, on-chain data analyst Murphy stated that ETF net inflows are usually seen as a signal of institutional funds continuously increasing their BTC holdings. Historically, there has been a high correlation between BTC price increases and significant ETF net inflows. On September 10th and 11th, the combined net inflow exceeded 9,700 BTC. A similar situation occurred in April and June this year, where the start of the bull market was accompanied by a sudden increase in ETF net inflows.
However, there are differences in the recent inflow structure compared to previous ones. During the bull market initiation phases in April and June, the ETF's holdings increased significantly more than changes in CME futures positions, indicating that funds mainly entered directly through spot ETFs, bringing substantial buying demand. On September 10th and 11th, although ETF net inflows increased significantly, the corresponding spot exposure was relatively small, limiting the actual spot buying pressure on BTC. If there are higher expectations for the future market, not only an increase in ETF net inflows needs to be observed, but also a sufficiently large spot exposure buying in order to truly support the continuation of the bull market. This analysis is for learning and communication purposes only and should not be considered as investment advice.
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