The massive flows from institutions through the ETFs have been long viewed as a bullish catalyst for BTC price action.
According to Bianco, the Q1 BTC ETF trend was ‘pulling money off-chain into the Tradfi world’ and could undermine a new DeFi system.Bianco’s bearish stance on U.S. BTC ETF contradicted Michael Saylor and Bitwise CIO Matt Hougan’s positions.Similarly, Hougan, based on the 13F filings, noted that large firms bought $10.7 billion of the U.S. BTC ETFs in Q1. To Hougan, the amount was a ‘
“They are very small, between 2.5% and 4% . A recent Citi report says the AVERAGE ETF is about 35% owned by investment advisors.”He also claimed that BTC ETFs aren’t recording massive demand as expected, and the long-term impact of BTC ETFs could have been far-fetched.
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