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BTC Institutional demand for Bitcoin (BTC) is \"not yet strong,\" despite positive inflows from U.S. spot Bitcoin exchange-traded funds (ETFs).
Key points:
Bitcoin ETF funds flow ended a ten-day downward trend, but analysts warned that demand remained weak. Swiss blockchain research firm Swissblock said the \"overwhelming\" sell-off was over, however. Overall BTC demand shows a clear gap between spot and derivatives trends.
Swissblock talks about Bitcoin ETF outflows: \"The storm is over\"
In a platform X comment on Thursday, cryptocurrency investment company Swissblock announced that the \"most overwhelming\" ETF sell-off in history has ended. \"The storm is over: The largest wave of ETF allocations in this bear market is over,\" the company wrote. \"As Bitcoin risks gradually ease away from capitulation risks, spot ETF funds flows have once again turned slightly positive.\" According to data from British investment firm Farside Investors, these ETFs have posted net outflows for ten consecutive days starting June 17, totaling US$2.7 billion. 
The group then began to reverse the trend, achieving a net inflow of more than $500 million in three trading days, followed by a net outflow of $84.9 million on Wednesday. Source: Farside Investors
Swissblock described the results as a \"warning\" of signs of recovery. \"ETF accumulation is positive, but not yet strong. Institutional confidence has not yet fully returned,\"the company added. \"Has the storm passed? Or is Bitcoin just in the eye of the storm?\" 
Source: Swissblock/X
The Bitcoin spot market failed to keep up with the rebound in futures demand
Analysis believes that overall demand is a key obstacle on the road to a bull market recovery. In new research conducted this week for chain analytics platform CryptoQuant, contributor IT Tech believes some conditions have improved, but there is a clear divergence between the spot and derivatives markets. \"A week ago, the cumulative demand in 30 days was close to-500,000 BTC. Today, it has rebounded to about-75,000 BTC,\"he concluded. During this period, futures demand changed from-295,000 BTC to \"slightly positive\", while spot demand remained negative. \"This tells us some important information. The recent rally has been driven mainly by derivatives traders, while spot buyers remain relatively cautious,\"IT Tech commented. \"Historically, the strongest and most sustainable upturns began when futures and spot demand rose simultaneously.\" 
Source: CryptoQuant
