"Since 2024, spot ETF inflows and outflows have been the strongest driver of Bitcoin's green and red days. With exchange balances near multi-year lows, any sizable order travels farther through the book. Large holders often split trades or use OTC desks, muting visible wallet-moved shocks. Funding rates, open interest, the dollar and yields often shape the day's direction more than any single wallet."
"Everyone knows whales move Bitcoin (BTC), and they can still jolt prices. Since spot exchange-traded funds (ETFs) arrived, Bitcoin's direction often hinges on ETF inflows and outflows. It also depends on how much tradable supply actually sits on exchanges, not on any single wallet's whim. BlackRock's iShares Bitcoin Trust ETF (IBIT), for instance, now holds more than 800,000 BTC on behalf of thousands of investors."
Spot ETF inflows and outflows have been the dominant drivers of Bitcoin's daily up and down moves since 2024. Low tradable supply on exchanges amplifies the price impact of sizable orders as they traverse deeper through order books. Large holders commonly split trades or use OTC desks, reducing the visible effect of single-wallet movements. Derivatives positioning, including funding rates and open interest, together with dollar strength and yields, frequently influence intraday direction. ETF custodians and large services aggregate massive holdings, so fund flows can rival or exceed the impact of any one holder.
Read at cointelegraph.com
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