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Market Musings - Bitcoin Battles ETF Outflows
BTC Spot ETF Flows — The Institutions Are Coming…Or Are They?...With the introduction of the Bitcoin Spot ETFs in January 2024, this goal has finally become a reality...In the above chart, we can clearly see the relationship between spot ETF demand and BTC price performance...ETF products printing some disappointing numbers.
6 Min
Macro & Markets
May 2024
Market Musings - ETF Flows Shine As BTC Flirts With Range Highs
BTC Spot ETFs — Summer Starts With Massive ETF Flows Reminder, Delphi’s BTC Spot ETF Flow Tracker can...With summer kicking off, first week ETF flows for June came in hot, well out-pacing expectations and...In total, the first week of June saw BTC spot ETF products receive just over $1.8Bn in new net flows.
9 Min
Macro & Markets
Jun 2024
The Path to DeFi's ETF Moment: The Rise of Morpho, Curators, and Mullets
The Path to DeFi’s ETF Moment: The Rise of Morpho, Curators, and Mullets The state of DeFi today suggests...ETF....But the impact wasn’t just better packaging, ETFs fundamentally changed the economics of investing....ETF assets. More recently, we in crypto have felt the ETF effect too. ...
26 Min
DeFi
Apr 2025
Is a Bitcoin Futures ETF Really THAT Bad?
Primer The ProShares Bitcoin ETF launched yesterday, attracting over $500M in capital on day one....However, the ETF isn’t simply a product that buys spot BTC, instead it buys BTC futures....Futures Spreads Are Tight (Most of the Time) According to the ETF’s prospectus, ProShares will hold...However, the ETF isn’t simply […]...
5 Min
Infrastructure
Oct 2021
Leverage Watch, ETF Traction, and Relentless L1s
Bitcoin ETF Traction The ProShares Bitcoin ETF is off to a solid start with over $1.1B of inflows in...This is the fastest in history an ETF has reached the $1B mark in AUM....(Plus, as we noted yesterday, the ETF is not that bad)....would a proper spot ETF receive?...ProShares $BITO ETF close to limit with ~1900 Oct contracts.
3 Min
Infrastructure
Oct 2021
Market Creeps Higher as Bitcoin Futures ETF Debuts
Market Updates All eyes are on Proshare’s Bitcoin Futures ETF today, the first Bitcoin-linked ETF in...Finally, the Valkyrie Bitcoin ETF launch—due to debut tomorrow with the memorable ticker BTFD—underscores...currently trading near its steepest discount of the year on the back of the ProShares Bitcoin Futures ETF...by the Proshares and Valkyrie ETFs.
4 Min
DeFi
Oct 2021
Stay The Course
CT was initially filled with FUD and “I told you so” proclamations as the Bitcoin ETF approvals proved...Source: @JSeyff The ETF launches created a ripe opportunity for GBTC investors who wanted out....Comparing BTC price performance post ETF approval and the above table of daily ETF + GBTC flows, we can...
17 Min
Macro & Markets
Feb 2024
Market Musings - Return of the Flows
BTC Spot ETFs — Return of the King (IBIT) Reminder, Delphi’s BTC Spot ETF Flow Tracker can be found here...As ETF inflows started to return, BTC began to rally more....ETH ETF Approval Shakeup — Revisiting Old Priors Given the events around the ETH spot ETF last week (...is going to be way more reflexive then the BTC ETF.
11 Min
Macro & Markets
May 2024
Market Musings - The Bulls Strike Back
This has typically been an indication of strong ETF flows as most ETF activity occurs on Coinbase....The ETF flows were perhaps the bright light for bulls while BTC began to breakdown last week....S-1 for the ETH spot ETF approval process....It now appears as though we finally have a date for the ETH spot ETF launch: *CORRECT: ETH ETF’S TO...
9 Min
Macro & Markets
Jul 2024
Dog Days of Summer
Majors bled, memes nuked, and ETF flows dwindled....Demand for Bitcoin via ETF has been relentless....Investors were betting that an ETH ETF wasn’t far behind, though consensus expected the ETF to come sometime...Less liquidity means the ETH ETFs can be more reflexive than the BTC ETFs.
34 Min
Macro & Markets
Jul 2024
Market Musings - Will History Rhyme?
This may be explained with the recent spot ETF launch, and the trading/speculation that always comes...Crypto Allure Remains As Boomers Continue To Slurp ETFs… As we know, the only positive at the start of...the month was the ETF flows....The BTC spot ETF success has been nothing short of incredible since inception, so much so that we have...
9 Min
Macro & Markets
Jul 2024
Market Musings - A Bad Break For Bulls... What's Next?
Don’t Forget About The ETFs!...And we still see decent participation across ETF products....VanEck Files for SOL Spot ETF If the most successful ETF launch in recent memory (with the BTC spot ETFs...) and the imminent ETH spot ETF wasn’t enough, VanEck also filed for a Solana Spot ETF a few weeks ago...
10 Min
Macro & Markets
Jul 2024
Market Musings - April Showers Bring May Flowers
BTC Spot ETFs — May Flowers Blossom Into $2Bn Of Net Inflows Reminder, Delphi’s BTC Spot ETF Flow Tracker...Coming into the final week of May, ETF flows have been impressive, consistently outpacing outflows, with...However, the ETF inflow streak continues, extending the run to 14 consecutive days of ETF inflows.
8 Min
Macro & Markets
Jun 2024
Coinbase: From Sleeping Giant To Industry Leader
Approval of a spot BTC ETF in the US would be a big deal....GBTC), futures-based ETFs (e.g. BITO), foreign spot-based ETFs (e.g....But what if investors wanted to replicate their gold ETF capital exposure in-kind with spot BTC ETF exposure...BTC ETF demand.
45 Min
Financial Market Themes
Sep 2023
Sanctum: Solana's Overlooked Fundamentals Play?
Staking ETFs Solana ETFs are have arrived ahead of schedule, with the first ETFs arrived earlier this...Unlike Ethereum ETFs, Solana ETFs will support staking out of the gate....It is unclear how successful Solana ETFs will be, but the liquidity constraints for ETFs could be a tailwind...
10 Min
DeFi
Jul 2025
Summer Doldrums Not So Dull - Macro & Markets June 2025
ETF Flow Overview: Strength in Majors, Stumbles in Alts The current wave of crypto ETF flows reflects...At the same time, the launch of the Solana ETF underscores the limits of that demand....The REX/Osprey Solana ETF (SSK) opened with weak demand....Without multiple issuers competing, the ETF failed to generate traction.
14 Min
Macro & Markets
Jul 2025
Market Musings - No Pain, No Gain
Don’t Forget About The ETFs!...With the events of the last few weeks, it’s understandable that ETF flows have taken a bit of a back...Perhaps unsurprisingly, ETF outflows began to peak as BTC made its local bottom around $50K....Compared to July’s sell off, we have not seen the same ETF appetite out of the lows so far.
10 Min
Macro & Markets
Aug 2024
Market Musings - A Bullish Beat Down For BTC Bears
ETH ETF Approval Shakeup?...spot ETF approval have increased dramatically....BTC Spot ETFs — Bulls Take The Wheel Reminder, Delphi’s BTC Spot ETF Flow Tracker can be found here....surge in BTC price fueled by these impressive ETF numbers....When we drill down deeper into the ETF flow data, we notice a few interesting points.
8 Min
Macro & Markets
May 2024
The Year Ahead for Markets - 2024
Role of ETFs in Equity Markets ETFs have revolutionized investment markets by providing a vehicle that...ETF Rebalancing Dynamics ETF rebalancing is the process by which traditional ETFs adjusts their portfolios...Gold ETFs: A Historical Precedent The introduction of gold ETFs in the early 2000s can help serve as...
76 Min
Macro & Markets
Dec 2023
King $COIN Marches On
It will be interesting to see the impact of ETF approval on breakdown of trading volumes....Coinbase also played a pivotal role in the recent BTC spot ETF launch, acting as custodian for 9 out...of the 11 ETF issuers....As it stands, BTC ETFs are the second largest ETF commodity in the US (behind gold), and Coinbase currently...
7 Min
Macro & Markets
Feb 2024