Bitcoin: Retail is back… but through the ETF door

Bitcoin seems to be in a slump. It's not hitting old highs. It's not setting new records either. Traders are confused by this slow period. They are looking at the blockchain. They hope to find signs of a bull run. Yet, a hidden trend is taking shape. Small investors are involved. They are using ETFs to invest without being noticed.

The interest in Bitcoin ETFs is growing. Are blockchain analysts missing the point? They might be too focused on the blockchain. Ki Young Ju is the head of CryptoQuant. He recently said altcoins were starting to do well.

Now, he thinks on-chain data is not as useful. He believes small investors are still active. They are using ETFs to invest quietly. This is a different way to invest in Bitcoin. It's separate from direct blockchain activity.

The most worrying thing? The lack of new sources of capital . Three consecutive weeks of negative ETF flows, and significant volumes that have not been enough to break the resistance around $100,000. A bad sign for traders accustomed to riding the wave of new entrants.

" I'm not going to short BTC, but I'm not going to sell hope anymore either ."

In an uncertain macro climate, without an injection of fresh capital , even the most daring end up putting their charts away.

When will the whales return? Will rates drop enough to revive the crypto market? And above all, will the next surge really come from individuals, or from another, even more unsuspected player?

In conclusion, let's remember that Bitcoin is going through an unprecedented crisis , according to Glassnode. A period of scarcity where the lack of fresh capital is preventing any real surge. The bull run, however, seems to be well and truly put away... for now.

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