Bitcoin ETFs Are “Important, But Not The Drivers,” On-Chain Analyst Argues

Bitcoin ETFs Are “Important, But Not The Drivers,” On-Chain Analyst Argues

An on-chain analyst has explained why the Bitcoin spot exchange-traded funds (ETFs), although important, may be something other than the drivers in the market. Bitcoin Spot ETFs Compared With Other Capital Flows On The Network In a new post on X, on-chain analyst Checkmate has discussed how the different capital flows in and out of Bitcoin stack up against each other. The first netflow of interest is naturally the total capital netflow itself. This netflow is calculated using the Realized Cap indicator. The Realized Cap is a capitalization model for BTC that calculates the asset’s....


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