Bitcoin ETFs surge past $2.3 billion in four days

00:00 Scott Melker

Bitcoin ETF inflows hit 715 million, four-day streak tops 2.3 billion dollars. Now, we know that these inflows and outflows are not necessarily a indicator of what is to come. We see massive inflow streaks, then we see massive outflow streaks, and they often follow price. But I find this one very interesting. So, as it said here, you know, 714.7 million on Tuesday.

00:28 Scott Melker

But that followed up Monday, which was the ninth biggest inflow day ever at roughly a billion dollars. And as it said there, if you add in Thursday and Friday, about 2.3 billion dollars coming in. Now, what I find most interesting is when I unpacked the inflows from Monday with Andrew uh Parrish on my show yesterday,

00:54 Scott Melker

he pointed out that only roughly 300 and something million of that billion on Monday came from Black Rock. Now, that may not seem very meaningful, but often on a massive inflow day, you'll see that 80, 90, almost all of the inflows come on Black Rock. But when Black Rock is only a third of the inflows and you're seeing sustained inflows across every single product, no matter how small,

01:21 Scott Melker

that is really compelling. Another point that's important is that there's a prevailing narrative that maybe the Bitcoin move from the 60s up to the low 80s was just a short squeeze, right? We know that there was massive liquidations, the most liquidation of shorts in 24 hours in the history of Bitcoin, which is saying a lot, because we've had some massive liquidation events in the past.

01:48 Scott Melker

But the fact that Bitcoin was able to sustain around $80,000 with massive inflows, and then even after a small dip was able to push up to 88,000 with still primarily inflows into the ETF, tells you that there's a real institutional and retail floor under this.