Bitcoin Spot ETF Demand Growth Turns Negative Amid Price Rise
The growth of demand for Bitcoin spot ETFs has taken a surprising turn. According to data from KuCoin, despite the recent price rise in Bitcoin, the rate of change in the 30-day change in how many Bitcoin the spot ETFs hold has turned negative. This is an unusual configuration, as demand growth and price movement usually move together.
The metric measures net additions or subtractions of Bitcoin by spot ETFs over a 30-day period. While it's still positive, indicating that ETFs are currently net buyers, the rate of change has turned down from its local high. This matters because demand from spot ETFs has been a key support for most advances in this cycle.
The concentration of Bitcoin holdings among spot ETFs is also worth noting, with IBIT holding 60.84% of the total, followed by FBTC and GBTC at 13.67% and 9.85%, respectively. If demand growth turns back up within the next few days, this could be a pause in an otherwise healthy move.