According to @glassnode, digital assets are entering one of the most structurally important phases of the cycle, with Bitcoin (BTC) advancing through a three-year expansion driven by deep spot liquidity, historic capital inflows, and the pull of regulated ETF demand (source: @glassnode). According to @glassnode, this advance is not the result of speculative excess, underscoring that spot markets and ETF participation are now central to price formation and market structure (source: @glassnode). According to @glassnode, the market’s center of gravity has shifted toward spot liquidity and regulated ETF flows, highlighting these as the dominant drivers for institutional market perspectives in Q4 2025 (source: @glassnode).

According to Eric Balchunas, U.S. spot Bitcoin ETFs posted roughly $70 million in net inflows last week and about $22 billion year-to-date, yet BTC fell to around $86,000, highlighting a divergence between ETF flows and spot price, source: https://twitter.com/EricBalchunas/status/1995486885163192563.

According to @FarsideUK, Fidelity’s Bitcoin ETF recorded a daily flow of 77.5 million US dollars on November 29, 2025. Source: twitter.com/FarsideUK/status/1994580631548756065; farside.co.uk/btc Farside Investors’ dashboard publishes USD-denominated daily Bitcoin ETF flows by issuer with historical series, enabling tracking of cumulative flows and day-by-day momentum relevant to BTC liquidity analysis. Source: farside.co.uk/btc Traders can reference the Farside dataset for timing and sizing decisions around BTC because it provides daily figures alongside data notes and disclaimers for context. Source: farside.co.uk/btc

According to @CoinMarketCap, Bitcoin (BTC) ETFs recorded $238.4 million in net inflows on Friday while Ethereum (ETH) ETFs saw $55.7 million in net inflows, ending an eight-day outflow streak for ETH ETFs. According to the SEC’s Investor.gov explanation of ETF creations and redemptions, positive net flows indicate net share creations that expand fund assets to meet investor demand, a primary-market dynamic traders track for liquidity and momentum context. According to U.S. spot crypto ETF prospectuses that outline cash-creation structures, sustained net inflows require additional underlying exposure by the fund, a flow mechanism traders monitor when assessing near-term market depth and demand.

According to @EricBalchunas, US spot Bitcoin (BTC) ETFs recorded group-wide net inflows on Friday as other funds offset IBIT’s outflows, source: @EricBalchunas on X, Nov 22, 2025. According to @EricBalchunas, more than 95% of total ETF assets under management remained intact through the volatility, source: @EricBalchunas on X, Nov 22, 2025.

According to @FarsideUK (farside.co.uk/btc), Fidelity recorded US$108 million in Bitcoin ETF daily flow on Nov 22, 2025. According to the same source (farside.co.uk/btc), this figure is taken from its US spot Bitcoin ETF flow tracker. According to the source (farside.co.uk/btc), methodology details and disclaimers are available on the referenced page.

According to @lookonchain, Nov 12 ETF flows showed 10 Bitcoin ETFs with net inflows of +4,846 BTC (~$494.81M) and 9 Ethereum ETFs with net outflows of -7,875 ETH (~$26.96M) (source: Lookonchain on X, Nov 12, 2025). BlackRock recorded +2,179 BTC (~$222.45M) of inflows and now holds 797,922 BTC (~$81.47B) (source: Lookonchain on X, Nov 12, 2025). For Ethereum, BlackRock posted -5,745 ETH (~$19.67M) of outflows and holds 3,898,568 ETH (source: Lookonchain on X, Nov 12, 2025). Based on these reported flows, session demand skewed toward BTC over ETH, a useful data point for BTC/ETH relative-value and pairs-trading setups (source: Lookonchain on X, Nov 12, 2025).

According to @CoinMarketCap, BTC ETFs recorded $524 million net inflows while ETH ETFs saw $107 million net outflows on Nov 12, 2025, signaling a same-day allocation shift via ETF channels; source: CoinMarketCap on X https://twitter.com/CoinMarketCap/status/1988545305483018560. Such ETF flow divergences indicate relative demand rotation between BTC and ETH in listed funds that traders can use for positioning and spread monitoring; source: CoinMarketCap on X https://twitter.com/CoinMarketCap/status/1988545305483018560. ETF creations and redemptions connect fund share demand with underlying asset transactions, a key mechanism when interpreting sustained net inflows or outflows; source: U.S. SEC Investor.gov ETF overview https://www.investor.gov/introduction-investing/investing-basics/investment-products/exchange-traded-funds-etfs.

According to @cas_abbe, headline inflows such as $500M into spot Bitcoin ETFs do not equal immediate BTC purchases because creations are processed by Authorized Participants rather than on each client trade. According to @cas_abbe, APs like JPMorgan, Jane Street, and Virtu deliver cash to the issuer, the issuer buys real Bitcoin via OTC desks or large exchanges, and coins are moved into cold storage primarily with Coinbase Custody. According to @cas_abbe, the process can take hours or even days, so inflows and outflows impact market demand over time rather than minute by minute. According to @cas_abbe, outflows reverse the path through AP redemptions, where the fund releases or sells BTC from custody. According to @cas_abbe, ETF prices track spot via NAV arbitrage as APs sell shares and buy BTC when the fund trades rich and buy shares and sell BTC when it trades cheap. According to @cas_abbe, investor returns come from BTC price changes minus management fees, and creations convert TradFi cash into real BTC demand through a slow, mechanical bridge.

According to @FarsideUK, US spot Bitcoin ETFs recorded a total net inflow of $524 million on 2025-11-11 (source: Farside Investors, farside.co.uk/btc). The day’s leaders were IBIT +$224.2M, FBTC +$165.9M, ARKB +$102.5M, BITB +$7.3M, and Global X BTC +$24.1M (source: Farside Investors, farside.co.uk/btc). BTCO, EZBC, BRRR, HODL, BTCW, and GBTC posted $0 net flow on the day (source: Farside Investors, farside.co.uk/btc). IBIT and FBTC together accounted for about 74.5% of total net inflows, while the top three funds (IBIT, FBTC, ARKB) comprised roughly 94.0%, based on Farside’s reported figures (source: Farside Investors, farside.co.uk/btc).

According to @GracyBitget, Bitcoin’s price is now primarily driven by US liquidity and spot Bitcoin ETF inflows, reflecting heightened institutional dominance and Wall Street pricing power over BTC price action. Source: @GracyBitget (Nov 10, 2025). She adds that capital from Europe, the Middle East, and Asia is rotating into gold and equities, aligning with this year’s strength in gold, US AI-related stocks, and China’s equity index rather than BTC. Source: @GracyBitget (Nov 10, 2025). Looking ahead, she identifies two catalysts: the anticipated November end of the US government shutdown (with Polymarket’s market indicating Nov 14) and a potential December Fed shift to halt balance-sheet reduction and start a rate-cut cycle. Source: @GracyBitget (Nov 10, 2025); Polymarket (as cited by @GracyBitget). If both conditions are met, she argues BTC, as a highly liquidity-sensitive asset, could push toward $150,000 in Q4 2025 or Q1 2026, consistent with her earlier $130K–$200K range. Source: @GracyBitget (Nov 10, 2025). Trading takeaway: prioritize US spot Bitcoin ETF net flow trends, Fed balance-sheet and rate-path signals, and the shutdown resolution timeline as near-term catalysts for BTC volatility and direction under this framework. Source: @GracyBitget (Nov 10, 2025). Risk to view: a prolonged shutdown or a Fed that maintains QT and delays cuts would undermine the setup outlined. Source: @GracyBitget (Nov 10, 2025).

According to the source, BTC remains resilient, with the Bitcoin network hash rate printing multiple all-time highs in 2024, signaling sustained miner investment and strong network security, source: Blockchain.com Hash Rate chart; source: Glassnode. BTC price set a new all-time high in March 2024 while major spot and derivatives venues maintained deep liquidity that supports larger order execution, source: Yahoo Finance price history; source: Kaiko market liquidity reports. U.S. spot Bitcoin ETFs launched in January 2024 and attracted significant inflows from institutions, adding a recurring source of demand during U.S. trading hours, source: U.S. SEC spot Bitcoin ETF approval order (Jan 2024); source: Bloomberg ETF flow tracker. For trading, monitor daily ETF net flows, CME BTC futures basis and open interest, and on-chain active addresses and fees, as these indicators are used by professional desks to gauge positioning and liquidity, source: CME Group; source: Glassnode; source: Bloomberg; source: mempool.space.

According to the source, U.S.-listed spot Bitcoin ETFs broke a six-session run of net outflows with a net inflow as dip buyers returned, signaling a potential shift in near-term demand for BTC. Source: the source. When creations exceed redemptions, authorized participants must deliver BTC into the trust, typically sourcing coins in the spot market, which adds direct buy-side flow; this mechanism transmits ETF demand to underlying BTC. Source: iShares Bitcoin Trust (IBIT) prospectus and Fidelity Wise Origin Bitcoin Fund (FBTC) prospectus. For trading, monitor whether positive net flows persist across multiple closes, as sustained creations often coincide with tighter spot–futures basis and increased CME BTC futures liquidity, which can affect arbitrage and momentum setups. Source: CME Group education on futures basis and liquidity. Intraday, track NAV premium/discount and end-of-day issuer flow updates to assess whether APs continue creating shares; persistent premiums frequently align with net inflows while discounts align with redemptions. Source: BlackRock iShares and Fidelity ETF daily disclosures and product documentation. If flows revert to outflows, AP redemptions can release BTC back to the market, easing buy pressure and potentially loosening basis. Source: iShares Bitcoin Trust (IBIT) prospectus and Fidelity Wise Origin Bitcoin Fund (FBTC) prospectus.

According to Glassnode, Bitcoin BTC rebounded from 107k USD as US spot Bitcoin ETF netflows turned positive. Source: Glassnode https://glassno.de/4htoZIg Glassnode reports daily ETF inflows remain under 1k BTC, well below the more than 2.5k BTC per day seen at the start of major rallies this cycle. Source: Glassnode https://glassno.de/4htoZIg Glassnode concludes demand is recovering but lacks the intensity observed during recent rally onsets. Source: Glassnode https://glassno.de/4htoZIg

According to Farside Investors, BlackRock’s US Bitcoin ETF recorded a daily flow of $59.6 million on Oct 29, 2025 (source: Farside Investors on X; source: farside.co.uk/btc). For full methodology, data, and disclaimers related to this Bitcoin ETF flow figure, Farside directs users to its tracker page (source: farside.co.uk/btc).

According to @FarsideUK, ARK’s U.S. spot Bitcoin ETF recorded a US$75.8 million daily net flow on Oct 28, 2025, as reported in the Bitcoin ETF Daily Flow update; source: Farside Investors @FarsideUK and farside.co.uk/btc. The figure indicates a positive net inflow for ARK’s Bitcoin ETF (commonly tracked as ARKB) for that session in USD terms, based on Farside Investors’ methodology for daily ETF flows; source: Farside Investors @FarsideUK and farside.co.uk/btc. Full dataset, methodology, and disclaimers for cross-checking flows and trend analysis are available on Farside Investors’ Bitcoin ETF flow page; source: Farside Investors @FarsideUK and farside.co.uk/btc.

According to @lookonchain, 10 Bitcoin ETFs recorded a net inflow of 4,306 BTC valued at $465.88 million on Oct 22, indicating positive ETF demand that day. Source: @lookonchain on X, Oct 22, 2025. According to @lookonchain, BlackRock saw inflows of 1,884 BTC ($203.83 million) and now holds 803,287 BTC worth $86.91 billion. Source: @lookonchain on X, Oct 22, 2025. According to @lookonchain, 9 Ethereum ETFs posted a net inflow of 25,310 ETH ($96.68 million), while BlackRock recorded 10,585 ETH ($40.43 million) of inflows and holds 3,995,770 ETH valued at $15.26 billion. Source: @lookonchain on X, Oct 22, 2025.

According to @FarsideUK, ARK 21Shares Bitcoin ETF ARKB recorded a US$162.9 million net daily inflow on Oct 21, 2025, source: Farside Investors farside.co.uk/btc. Farside Investors indicates the figures are reported in US dollars and reflect net flows for US-listed spot Bitcoin ETFs, source: Farside Investors farside.co.uk/btc. Historical series and disclaimers for cross-issuer comparisons are available on the same dashboard for trading analysis, source: Farside Investors farside.co.uk/btc.

According to the source, year-to-date 2025 allocations into Bitcoin (BTC) and Ethereum (ETH) ETFs have already surpassed 2024 totals, highlighting sustained institutional demand and potential support for spot prices if net creations continue. Source: the source. Before positioning, traders should validate the claim by checking daily shares outstanding, creations/redemptions, and AUM reported in SEC EDGAR filings and on issuer websites for funds such as IBIT and FBTC. Source: SEC EDGAR; issuer disclosures. Monitor net creations versus redemptions, ETF premiums/discounts to NAV, and primary market activity across US spot ETFs to gauge directional pressure and liquidity conditions in BTC and ETH. Source: SEC EDGAR; exchange listing data; issuer basket files. In 2024, stretches of strong net creations in spot BTC ETFs aligned with BTC upside and tighter ETF bid-ask spreads, indicating flow-sensitive price action that can inform trade timing in 2025. Source: SEC ETF holdings updates; exchange consolidated trade data. ETH spot ETFs went live in 2024 following SEC 19b-4 approvals, creating a new flow channel for ETH where early volumes concentrated among a few issuers—important for assessing ETH liquidity and basis. Source: SEC approval orders; exchange listing notices. Risk management should account for potential flow reversals around macro catalysts that historically moved crypto beta in 2024, including FOMC decisions and CPI releases impacting risk appetite and rates volatility. Source: Federal Reserve statements; Bureau of Labor Statistics releases.

According to the source, Bitcoin ETFs recorded about $2.7 billion in net inflows this week and Ethereum ETFs recorded about $488 million, totaling roughly $3.188 billion in net creations. Source: X post dated Oct 11, 2025. For physically backed crypto ETFs, net inflows reflect primary-market share creations that require authorized participants to source and deliver the underlying BTC or ETH, which can impact circulating supply. Source: U.S. SEC Investor Bulletin on ETFs. In 2024, periods of sustained net inflows into U.S. spot BTC ETFs coincided with stronger BTC performance and improved fund market structure, according to research commentary from Bloomberg Intelligence. Source: Bloomberg Intelligence. For traders, persistent positive ETF flows are a bullish liquidity signal for BTC and ETH and can support dips, while a turn to net outflows may pressure prices via redemptions. Source: U.S. SEC Investor Bulletin on ETFs; Bloomberg Intelligence.