Not Wise to Fade the MSTR Bid, Nakamoto Upgrade Goes Live
BTC ETFs See Massive Inflows: Is Crypto Native Capital Sidelined?
BTC ETFs saw over $2.2 billion in net inflows across all spot ETFs from Monday through Wednesday of this week—the largest three-day sum of inflows since the products launched in January—bringing the five-day moving average to north of $500 million. This is certainly impressive and speaks to the explosive breakout we have seen this week.
We've also seen the annualized CME basis move expeditiously higher to above 12%. This is a good reminder that not all of the inflows into the ETFs are directional flows; a good chunk is likely due to funds putting on the popular basis trade—which at 12% is quite compelling for many. That said, the fact that the basis is moving higher means there's a bullish impulse in the futures market.
Ultimately, it's safe to say that buyers have woken up over the past couple of weeks. However, the bullish move has been somewhat exclusive to BTC and some Solana-based alts, which raises some interesting questions about the current market dynamic.
If this rally to nearly all-time highs for BTC has seemed quiet, it's likely because a lot of investors in the crypto-native world are possibly still sidelined.
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