Recently, BTC has achieved limited real buying, and the net inflow of ETFs diverges from the increase in spot exposure.

According to ChainCatcher, on-chain data analyst Murphy said that net inflows of ETFs are usually seen as a signal that institutional funds continue to increase their holdings in BTC. Judging from historical performance, the rise in BTC prices is highly correlated with the large net inflow of ETFs. The total net inflows exceeded 9,700 BTC on September 10 and 11, and similar situations also occurred in April and June this year, when the market started, which was also accompanied by a sudden increase in net inflows of ETFs. However, there is a difference between the inflow structure recently and the previous one. During the market launch stage in April and June, the increase in ETF positions is much greater than the changes in CME futures positions, which means that funds mainly enter directly through spot ETFs, bringing substantial buying demand. On September 10 and 11, although the net inflow of ETFs increased significantly, the corresponding spot exposure was relatively small, and the driving force for real-life purchase of BTC was limited. If you have higher expectations for the future market, you must not only see the increase in net inflow of ETFs, but also see a large enough spot exposure to buy to truly support the continuation of the market. Analysis is only used for learning and communication and is not used as investment advice.