ETFs Are Buying, But Who Is Selling? Inside Bitcoin’s Tug-of-War

U.S. spot Bitcoin ETFs absorbed about 13,300 BTC last week, more than four times the roughly 3,150 BTC newly created by the network. Bitcoin moved toward the top of its range last week as institutional demand through U.S. spot ETFs strengthened. Cooler employment data reduced expectations for an immediate Federal Reserve rate hike, but persistent selling pressure kept the move contained. The stronger ETF demand was reflected in $865.3 million of net inflows across five straight sessions, the funds’ strongest weekly showing since April. According to a recent Bitfinex Alpha report, the funds absorbed about 13,300 BTC during the period. That was more than four times the roughly 3,150 BTC newly created by the network. ETF Inflows Return, But Sellers Push Back BlackRock’s IBIT and Fidelity’s FBTC accounted for much of the ETF activity. Ether-focused ETFs also recorded $243.7 million in inflows, extending their weekly streak and showing that demand was not limited to Bitcoin. The renewed demand came as broader risk assets also moved higher amid easing tensions and falling oil prices. The S&P 500 rose 3.58% for the week, while Bitcoin gained slightly more than 2%, indicating that othe...