Bitcoin ETFs Are “Important, But Not The Drivers,” On-Chain Analyst Argues
Summary
Bitcoin spot ETFs are not the main market drivers. The Realized Cap indicator shows a positive netflow of fresh capital into Bitcoin, with monthly net inflows of $12 billion. Spot ETFs, excluding GBTC, have a positive monthly change of $3.7 billion, while GBTC outflows are at a negative $0.93 billion. These ETFs account for around 20% of market influence. Long-term holders' supply change has turned positive, with their combined balance growing at a rate of $1.6 billion per month. Bitcoin has surged past $61,300 in recent trading.
