Analysis: Bitcoin spot ETF has not yet become a TradFi adoption tool, and holders' floating losses hit a new high

Jim Bianco, president and macro strategist at Bianco Research, published an analysis of Bitcoin spot ETFs on X: 1. The total assets of Bitcoin spot ETFs are now $46 billion, far lower than the $62 billion in June, the lowest level since February 12; 2. Data shows that the inflows of funds since the launch of Bitcoin spot ETFs are as follows: -$12 billion in the first two months -$4 billion in the next 6 months -$1 billion in the past 3 months -$1 billion outflow in the past 8 days 2. The average purchase price of all the above $16 billion inflows is currently $61,000; last Friday, Bitcoin spot closed at $52,900, and Bitcoin spot ETF holders suffered a record loss of $2.2 billion, or a loss of 16%; 3. The buyers of these ETFs are small "tourist" online retail investors, and the average transaction size is now less than $12,000, which is Low since March; 4. The average transaction size of Bitcoin spot ETFs is far less than that of other mainstream ETFs; 5. Investment (wealth) advisors have low adoption, and their Bitcoin ETF holdings account for only 9% of the issued shares. Hedge funds increased their holdings by about 12% (mainly basic trading, not directional bets); about 85% did not come from TradFi institutions. Note that the top ten institutional types are currently in a loss. In summary, Bitcoin spot ETFs have not become a tool adopted by TradFi or baby boomers. BlackRock confirmed this, saying that 80% of IBIT's inflows came from autonomous online accounts. Cryptocurrency quantitative analysis shows that most of the inflows of spot Bitcoin ETFs come from on-chain holders who transfer back to TradFi accounts-so there is very little "new" money entering the cryptocurrency field. So far, these tools have not lived up to the hype of "baby boomers entering the market." But perhaps after the next halving (in 2028) or significant development progress in on-chain tools (i.e. Bitcoin chain DeFi, NFTs, payments, etc.) the expected adoption goals can be reached. First, patience and several market cycles (including one or two bear markets) and development breakthroughs are needed.