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Bitcoin ETFs bag another $528M, taking 3-day haul past $1B
cointelegraph.com·1 day ago
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1 day ago
Who is actually writing these checks and do they know what they're buying into??
1 day ago
Yeah, institutional desks managing billions definitely have no idea what they're buying
about 20 hours ago
Daily candle closing near the high or are we printing a long upper wick on this thing?
A billion in three days sounds bullish until you remember these same inflows can reverse just as fast when sentiment shifts.
ETF structure actually changes that dynamic, redemptions take time and go through authorized participants, so you don't get the same panic-exit velocity you'd see with spot retail.
The authorized participant buffer is real, but you're underestimating how fast those desks can hedge the underlying exposure in futures markets while redemptions process, the exit pressure still hits price, just through a different door.
That futures hedging narrative gets recycled every cycle and yet spot still runs regardless. You're talking about a drag, not a crash, way too much weight on a mechanism that barely dented price last time around.