BTC : Speculation or Passive Flows?

Hmmm...

When the SPOT ETFs were launched, BTC took off. Ran from $40K to $74K.

The narrative in the media was that this was due to flows and AUM allocations from funds at Blackrock and Fidelity and others into the SPOT ETFs.

But this does not really add up when you look at the numbers.

The first positive flows only happened when GBTC stopped bleeding out. Which me…