Recently, the actual spot buying of BTC is limited, and there is a divergence between ETF net inflows and the increase in spot exposure

ChainCatcher news, on-chain data analyst Murphy stated that ETF net inflows are often seen as a signal of institutional funds continuously increasing their positions in BTC. Historically, there is a high correlation between BTC price increases and significant net inflows into ETFs. On September 10 and 11, the total net inflow exceeded 9,700 BTC, a similar situation occurred in April and June of this year, when the market rally was also accompanied by a sudden increase in ETF net inflows.

However, there are recent differences in the inflow structure compared to previous periods. During the market initiation phases in April and June, the increase in ETF holdings was much greater than the changes in CME futures positions, indicating that funds were primarily entering through spot ETFs, bringing substantial buying demand. On September 10 and 11, although ETF net inflows significantly increased, the corresponding spot exposure was relatively small, limiting the real spot buying pressure on BTC. If there are higher expectations for the future market, it is necessary to see not only an increase in ETF net inflows but also sufficiently large spot exposure buying to truly support the continuation of the market. Analysis is for learning and communication purposes only and should not be considered investment advice.