Spot Bitcoin ETFs Dey Drive Off-Chain Demand Amid Institutional Surge
Small wallet Bitcoin activity on-chain don drop reach multi-year low, mean say retail demand for direct side no too dey strong. Since Jan 2024 wey dem launch US spot Bitcoin ETFs, retail people dey waka go off-chain side, ETF dem dey control around $135 billion worth Bitcoin and add like 1.25 million BTC (6% of supply) within 18 months. Meanwhile, big institutions dey follow wave pattern, no steady climb, na so Jeff Dyment, fund manager explain am. Now, public companies hold 848,902 BTC (4% of supply) after 51 new corporate treasuries show for first half of 2025, this match wetin dem add from 2018 to 2022. Spot ETFs dey play big role, especially BlackRock’s IBIT fund wey get 699,000 BTC (3.3% of supply). Even though demand dey steady off-chain and people dey place bullish bets for derivatives—like whale investors dey buy September $130K calls and 115K/140K call spreads—ETF inflows never fit cover wide outflows, so net demand na negative. Market people talk say if US rate cut come, that one fit be catalyst wey fit make people start to buy serious again, because institutions and their clients dey control Bitcoin exposure more and more.
Bullish
Strong yawa dem di spot Bitcoin ETFs dem don accumulate and di big jump for corporate treasuries dey support correct long-term about to go up. Even though on-chain retail dem activity low, di move go off-chain buy through ETFs—wey dem hold now 6% of di Bitcoin supply—plus di fresh institutional engagement dem show say demand dey rise. Di bullish derivatives positions dem come reinforce dis better trend well well. Di short-term price pressure wey from net outflows fit still dey last till something like US rate cuts come, but di big institutional wave plus di steady off-chain retail participation dem dey show say market na to go up.