Key Points
- Bitcoin ETFs recorded $190 million in outflows yesterday.
- BTC is trading above $66,000, and on-chain analyst Willy Woo explains who is selling.
According to the latest reports coming from SoSoValue, Bitcoin ETFs in the US recorded $190 million in outflows on June 14.
BlackRock’s Bitcoin ETF, IBIT is the only crypto product that saw $1 million in inflows yesterday.
Here are the outflows recorded by Bitcoin ETFs the other day:
- Grayscale’s Bitcoin ETF, GBTC, recorded $52 million in outflows.
- Fidelity’s Bitcoin ETF, FBTC, saw $80 million in outflows.
- Ark Invest and 21Shares’ Bitcoin ETF, ARKB, recorded $49 million in outflows.
- Bitwise’s Bitcoin ETF, BITB, saw $7 million in outflows.
- Invesco and Galaxy Digital’s Bitcoin ETF, BTCO, recorded $3 million in outflows.
The other Bitcoin ETFs did not see any inflows or outflows yesterday.
The total net assets in Bitcoin ETFs are currently $57.2 billion, according to the same data from SoSoValue.
Bitcoin is trading above $66,000 – who is selling?
At the moment of writing this article, BTC is trading above $66,000.
- Zoom
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Earlier, the coin saw a price dip below this level ahead of a quick rebound.
While traders are wondering who is selling BTC, Bitcoin on-chain analyst, Willy Woo has some answers. He recently shared a thread via his X account, explaining what is happening and who is selling BTC.
He began his post on X by saying that ETFs are buying, and so are institutions. Regarding the question of who is selling BTC, he said that 2024 brought a mass of commentators looking at ETFs flows as if this is all that matters.
He said that what really matters is total demand and supply.
He continued and said that OGs are selling BTC. He explained that they have more BTC than all the ETFs put together, even ten times more.
He said that they sell into every bull market and this pattern is as old as the genesis block.
Woo continued and said that now, we are in the modern age of BTC. Paper BTC flooded the market since 2017. He said that if people wanted to buy BTC, they used to buy real BTC. Now, he continued, people can buy paper BTC which led to a synthetic Bitcoin.
Woo explained that would-be demand for BTC gets diverted to paper BTC, fulfilled by counter traders who have no BTC to sell, and they just have dollars to back their bet.
The on-chain analyst said that in the old days, BTC would go on an exponential run because the only sellers were a small amount from the OGs and even a smaller amount from miners with their newly mined coins.
He brought up paper BTC again, saying that the 2022 bear market was dictated by a flood of paper BTC when spot holders did not really sell. In this current bull, when paper increased, Woo said that these were times when BTC’s price didn’t rally.
Woo concluded by saying it’s not a great idea to only look at ETF buying. On-chain data, derivatives data, technical price action – all these add to the demand and supply picture according to him.
