Bitcoin holds support as spot ETF flows turn positive after a week of redemptions
Net creations resumed on Thursday. Funding rates normalised at the same time, which is the more reassuring detail.
Bitcoin held above 61,000 dollars after US spot exchange-traded funds recorded net creations for the first time in six sessions, ending a redemption run that had totalled roughly 1.2 billion dollars.
ETF flow has become the most watched single input for the bitcoin price since the products launched, because it represents a demand channel that did not previously exist and that is measured daily and publicly.
What flow does and does not tell you
It is a genuine measure of demand through one specific channel. It is not a complete picture: a large share of trading still happens offshore in venues that publish nothing comparable, and flow can be mechanical, driven by rebalancing or by arbitrage against futures rather than by conviction.
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