Bitcoin’s Big Sigh: ETFs Flee as Miners Outpace Demand! 🐢💸

by

Key Takeaways:

  • BTC demand took a nap while miners cranked up the output, leaving a seven-month first. 🐢

  • Spot Bitcoin ETFs lost $1.67 billion since Oct. 11-like a leaky bucket in a hurricane. 🛶

  • Bitcoin treasury firms trading below NAVs? More like trading below common sense. 🧠

Institutional demand for Bitcoin (BTC) has taken a backseat to the daily mining machine, causing analysts to clutch their pearls and mutter, “Not good.” 🤯

Bitcoin Supply-Demand Dynamics Shift

While Bitcoin mining churns like a well-oiled (or poorly oiled?) machine, institutional buyers have gone AWOL, according to Charles Edwards of Capriole Investments. 🕵️‍♂️

Edwards unveiled a chart that looked like a confused cat’s paw print, tracking three institutional activities: mining (red), ETFs (light green), and corporate BTC trading (orange). The blue line? A ghost that’s been fading since mid-August. 🖋️

The chart revealed a staggered decline, with demand finally dipping below mining output on Nov. 3. The last time this happened? March. A long time to wait for a yawn. 🕒

Initially, ETF inflows were the life of the party, but after the market crash on Oct. 11, they became the guest who left early. Since then, $1.67 billion has vanished like a magician’s rabbit. 🪄

On Oct. 31, ETFs hemorrhaged $191 million in a single day-none of the twelve ETFs saw a single dollar flow in. A dismal performance, even for a bear market. 🐻

This suggests institutional investors are now more cautious than a squirrel in a nut-free zone. 🐿️

Edwards, ever the optimist, said, “Won’t lie, this was the main metric keeping me bullish the last months while every other asset outperformed Bitcoin.” Then he added, “Not good.” 🙃

An Unsustainable Trend for BTC?

Bitcoin’s rally? Now it’s playing hide-and-seek with $107,000 after hitting $126,000. A rollercoaster with a broken seatbelt. 🎢

The market’s been wobbling since July, like a drunk tightrope walker. 🕷️

The DAT trend? A high-stakes poker game with no safety net. Edwards noted, “188 treasury companies carrying heavy BTC bags with no business model.” A recipe for disaster, or a casino. 🃏

The mNAV ratio? A litmus test for whether investors think a company is a diamond or a dud. Right now, it’s leaning toward the latter. 🧪

If this trend continues, expect a domino effect of selling pressure. A chain reaction of panic, if you will. 🧨

As CryptoMoon says, Bitcoin’s price recovery is stuck in neutral until ETFs and institutions restart their buying spree. A waiting game with a side of dread. 🕰️

Read More

2025-11-03 15:06