Baehr Sees New Bitcoin Regime Amid Record ETF Flows

Andy Baehr, managing director of asset management at GSR, says bitcoin's recent breakout to $80,000 marks a new market regime. This comes after a stagnant summer that saw thin volumes and muted price action.

Baehr spent 25 years on Wall Street derivatives desks before crossing into digital assets. He urged patience during the 'super slow summer' of record ETF withdrawals, which bled $8 billion across eight straight weeks.

However, news of Treasury buybacks in long-dated bonds and a planned White House gathering of crypto executives flipped the mood fast. Bearish traders absorbed $1.06 billion in liquidations as the breakout gained pace.

Baehr notes that spot Bitcoin ETFs added nearly $2 billion in net inflows over five days, while call option demand returned and funding rates on perpetual futures reinflated.