Matrixport analysts said: Bitcoin spot ETF has received a cold reception from institutional investors in the past two weeks

Matrixport analyst Markus Thielen said on January 26 that the Bitcoin spot ETF has experienced an obvious result in the past two weeks: institutional investors have not shown a willingness to buy. Additionally, registered investment advisors have not yet started selling the product. Inflows into Bitcoin spot ETFs have been disappointing overall, while trading volumes are also facing downward pressure.

10xresearch researcher Markus Thielen: End-user demand should be low

Markus Thielen believes that the current trading situation shows that end-user demand is low. He pointed out that if demand is not low, the market will show a strong matching of buyers and sellers. BlackRock's iShares ETF hit $574 million in first-day trading volume, a figure well below the asset manager's initial goal of raising $2 billion.

Markus Thielen thinks Bitcoin spot ETF trading volume is declining:

Is Markus Thielen’s statement reasonable?

Bloomberg terminal information (ninth trading day data):

In fact, although GBTC continues to outflow funds, the overall Bitcoin spot ETF The amount of capital inflows after the ninth day was only 824.4 million. But excluding the outflow of GBTC, other ETFs had an inflow of up to $52.164. The capital outflow of GBTC created huge trading volume, but GBTC trading volume and other ETFs still had a trading volume of 10.2 billion US dollars in nine days, which is still a very impressive result.

The overall inflow of BlackRock's IBIT has reached 1.915 billion, and the transaction volume is 4.165 billion US dollars; Markus Thielen can only judge the trading performance on the first day, which is not entirely objective.

Although many investment institutions are unwilling to provide Bitcoin ETF products to customers, there are still institutions that remain open. Although inflows of funds and transaction volume have gradually decreased, there are still investors willing to continue investing and trading.

The author believes that only after GBTC clears the selling pressure caused by historical factors can we see the actual supply and demand situation of ETF more clearly.

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