Bitcoin ETFs’ momentum could ‘not last too long’ — Ecoinometrics

After 2 years and 9 months of Spot Bitcoin [BTC] ETFs being launched, the demand for the first-ever crypto ETF is perhaps gradually slowing down. However, despite the turtle movement, BTC ETFs still continue to support Bitcoin’s price recovery, according to Ecoinometrics.

Over the last 30 days, net inflows into Bitcoin ETFs have remained positive at approximately 30,000–40,000 BTC. However, the pace of these purchases has weakened as Bitcoin recently consolidated above $80,000, suggesting that buying pressure may be losing momentum.

Still, Ecoinometrics noted that this slowdown is relatively mild compared to previous periods when ETF demand reversed sharply. 

It added, 

For now ETF demand is still supporting Bitcoin’s recovery. But that better not last too long.

Bitcoin ETFs’ rollercoaster

The timing here is interesting as just recently, Bitcoin ETF flows showed significant volatility between 1st October and 9th October.

According to Farside investors, on 1st October, Bitcoin ETFs recorded net inflows of $102.7 million, led by BlackRock’s IBIT with $195.6 million.

Inflows strengthened on 2nd October, reaching $189.9 million, supported by $158.2 million entering IBIT and $29.3 million into FBTC. However, sentiment weakened on 5th October, when ETFs recorded $89.8 million in net outflows. On 6th October, flows recovered to $118.8 million in net inflows.