ETF demand has stopped deteriorating.
After months of outflows, things have stabilized. But the recovery is weak, and more importantly, it’s not building real momentum. Where this goes next will depend heavily on how the macro and geopolitical backdrop evolves.
So for now, ETF demand is no longer a drag. But it’s not a strong driver either. And in the meantime, another source of demand is filling the void: corporate Bitcoin treasuries.
On the surface, that looks like a solid support for the market. Public companies are still accumulating, even as prices remain under pressure. But once you look closer, that support is not as broad as it seems.
Because within that group, the behaviour is starting to diverge. Some players are buying aggressively. Others are stepping back.
So how reliable is Bitcoin’s corporate demand? Let’s look at the data.
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Bitcoin’s Support Is Becoming Increasingly Concentrated
The Takeaway
Bitcoin demand has stabilized, but it has not recovered.
