Are The ETFs Still Extraordinary?
The Bitcoin ETFs have seen $11.3 Billion in outflows, the average investor is down -20%, and 3-out-of-4 inflows occurred at higher prices...Don't even get me started on all the paper Bitcoin...
G’day Folks,
The spot Bitcoin ETFs have been a defining feature of this market since they launched in 2024.
For some time now, I have referred to them as the extraordinary ETFs, primarily due to the remarkable consistency, and magnitude of inflows relative to outflow volumes.
Today, the Bitcoin ETFs are currently experiencing their most significant period of sustained outflows since inception, with a total of $11.3B exiting these vehicles since the ATH in October.
We have also seen the size of the IBIT options market balloon over the last 12-months, with open interest now sitting at 50% of the underlying IBIT ETF asset base.
In today’s post, I will analyse the current performance of the spot ETFs, and associated derivatives markets.
We’re going to see if my original read on the ETFs as ‘extraordinary’ still holds, and dive into the impact Paper Bitcoin derivatives have in influencing the spot Bitcoin markets.
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