ETF and Spot Exchange Flows Diverge as Bitcoin Traders Bet Big
A recent divergence in trading flows between ETF and spot exchanges has been observed in the Bitcoin market. While BTCUSD ETF products saw net outflows on September 15, Binance reported large inflows of Bitcoin. This disparity suggests that traders are shifting their focus from exchange-traded funds to spot markets.
An on-chain address opened a new long position of 2,450 BTC in the BTCUSD spot CFD, worth around $190 million at current prices. The quoted order size was $78,000, indicating a significant bet on the price of Bitcoin.
The net realized profit and loss (P/L) for BTCUSD fell to $31.8 million on September 16, representing an 89% weekly decline. This drop in P/L suggests that traders are not selling their coins at profits, but rather holding onto them or moving them to exchanges.