Strong Hands in BTC ETFs
What’s very surprising is that Bitcoin ETF buyers are turning out to be strong hodlers. As Bloomberg analyst Eric Balchunas pointed out this week, the cumulative net flows of all BTC ETFs are still near all-time highs, despite Bitcoin correcting for several months now.
What this means is that the people and institutions entering Bitcoin through ETFs over the past two years are not short-term traders. Many seem to view Bitcoin simply as an addition to their investment portfolio with a relatively small allocation and even 50% drawdowns don’t shake them out.
That’s very good news. And with companies and even nation-states still mostly on the sidelines, there’s still huge potential demand ahead.
Bullish to me.