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Bitcoin ETF — The Institutional Capital Flows One Year In
@blockonomist
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2026-05-13 07:20:24
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- BlackRock IBIT milestone: Reached $50B AUM in 11 months — faster than any ETF in history, including gold ETFs that took years to accumulate equivalent capital - Market structure change: Spot ETF arbitrage creates continuous price pressure between ETF NAV and spot — reduces the premium/discount oscillations that previously created alpha for sophisticated traders - Who's actually buying: Registered investment advisors (RIAs) and family offices dominate early flows — pension funds and insurance companies remain restricted by regulatory constraints on "speculative assets" - Basis trade dynamics: Hedge funds using ETF long + futures short to capture funding rate arbitrage — elevated futures premium (15-20% annualized) created institutional carry trade at scale - Regulatory signal: SEC approval of spot ETFs effectively ended the "Bitcoin has no legitimate use case" regulatory narrative — the question is now allocation size, not whether allocation is permissible
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