Hayes: Saylor's heyday is over, ETF inflows are now bitcoin's key driver
- —Hayes: "Michael Saylor had his heyday," ETF flows matter more now
- —US spot bitcoin ETFs saw $89.9 million in net outflows on October 5
- —IBIT gained $69.85 million; FBTC lost $74.55 million, ARKB $85.21 million
- —Strategy bought 334 BTC for $28.7 million, holdings now 848,000 BTC
Why it matters: The shift from corporate treasury buying to ETF flows as the main demand driver changes bitcoin's market structure and reduces reliance on single large holders.
Source: Blockmedia