Bitcoin ETF Inflows Hit $2.39 Billion Record as Illiquid Supply Drives Price Structure
US spot Bitcoin ETFs logged a record $2.39 billion weekly net inflow, but daily momentum faded 87 percent from Monday's peak as macro yields pressured risk assets. On-chain metrics reveal major exchange outflows and institutional accumulation, yet analysts warn illiquid supply rather than aggressive spot demand is driving current prices.
A massive $2.39 billion weekly net inflow into US spot Bitcoin ETFs headlines the tape, but momentum stalled sharply after a $998.95 million Monday surge triggered by $262 million in forced short liquidations. Daily fund flows dropped 87 percent through Friday as rising 10-year Treasury yields above 5 percent capped risk appetite and pushed Bitcoin back toward $84,241.
Despite the daily slowdown, on-chain mechanics show structural tightening across trading venues. Roughly $2.52 billion in spot Bitcoin exited exchanges in late September into cold storage, while whale wallets holding 100 to 1,000 Bitcoin have absorbed over 113,900 coins since mid-July, reinforcing a steady reduction in immediate sell-side liquidity.
However, research firm River highlights a crucial counter-thesis: 81 percent of total Bitcoin supply remains unmoved for over six months while exchange trading volume sits 30 percent below its year-opening level. This illiquid backdrop means even muted ETF buying creates outsized price movements, leaving the rally dependent on structural scarcity rather than aggressive fresh capital inflows. The upcoming Personal Consumption Expenditures inflation reading will clarify whether macro conditions support sustained demand.