Bitcoin ETFs drew $2.39B, but spot demand stayed negative
- —Five sessions from September 21 to 25 brought inflows of $999M, $714.7M, $346.9M, $190.7M and $134.5M
- —CryptoQuant's 30-day apparent demand improved from -182,000 BTC to -101,000 BTC but stayed below zero
- —Funds saw a $189.9M inflow on October 2 and an $89.8M outflow on October 5; October 6 data is incomplete
- —Buying an existing ETF share on an exchange does not create new shares or force the fund to buy Bitcoin
Why it matters: The gap suggests the rally may rest on the fund channel alone, without confirmation from broader coin accumulation.
Source: crypto.news