Bitcoin: No Longer 'Long Only'

Institutional Crypto Research Written by Experts

Author

Markus Thielen
April 14, 2025 

Topics: ETF Flows, Funding Rate, Supply Held, New BTC Addresses
Views: Favorite Trade

We now include a conclusion at the end of each report to help readers quickly grasp the key takeaways and core message.

👇1-13) Year-to-date, Bitcoin ETF inflows stand at just +$225 million—and they could turn negative at any moment as the ongoing uncertainty surrounding Trump’s trade war continues to ripple through financial markets. Bitcoin ETFs are on track for their third consecutive month of outflows. As we highlighted in early February, much of the initial ETF inflows were driven not by outright demand but by arbitrage-focused hedge funds.

Bitcoin - Breakout sustainable?

👇2-13) Recent flow data has primarily confirmed this view. However, a new class of buyers has also emerged—one that has had a meaningful impact on the market. The key question now is whether this buyer is returning—and if so, does that justify a broadly bullish outlook?

Market Updates

Become a paying subscriber of Market Updates to get access to this post and other subscriber-only content.

Already a paying subscriber? Sign In.

Most comprehensive, unbiased digital asset research for traders and institutions:

  • • Receive 2-4 concise, informative Market Updates reports per week.
  • • We cover everything that impacts the price of Bitcoin and other major cryptos, from on-chain data to macro and market structure (funding rates, money flows, etc.). Our insights are trusted by some of the largest hedge funds and traders in the industry.
  • • You'll gain full access to our in-depth 'Market Update' analysis, informed by our experience at leading investment banks like Goldman Sachs, Morgan Stanley, and JP Morgan, as well as managing hedge fund capital at Millennium.
  • • We rigorously backtest our insights and are unafraid to call bullish or bearish market conditions. Our research is unique and grounded in solid financial analysis, offering perspectives you won't find anywhere else.
  • • --------------
  • • Our clients include hedge funds, traders, liquidity providers, exchanges, family offices, proprietary traders, institutions, high-net-worth individuals (HNWIs), CEOs of major listed Bitcoin mining companies, executives from crypto service providers, TradeFi portfolio managers, etc.