👇 1-11) It is apparent after two weeks of Bitcoin ETF trading. Institutional investors (and the so-called Boomers) are not biting. Registered Investment Advisors (RIA) have yet to be ready to sell this product. Inflows disappoint, and trading volumes are falling off a cliff.

👇 2-11) End-user demand must be low. Otherwise, we would see a robust two-way market – matching buyers with sellers. The much anticipated BlackRock iShares ETF registered $574m in volume on its first day, with the asset manager reportedly having initially lined up $2bn in capital for its ETF.

Exhibit 1: Bitcoin ETF trading volume by issuer - the trend is lower.