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BTC Bounce Raises Questions Despite Strong IBIT Flows – Analyst Points To MSTR-Fueled Bitcoin Rally
Bitcoin’s (BTC) recent price action on Monday has sent mixed signals, with BlackRock’s Bitcoin ETF (IBIT) logging its strongest inflows in six months even as underlying on-chain demand remains weak, and analysts point to Strategy (MSTR) as a key driver of the rally. CryptoQuant CEO Ki Young Ju said on Monday that “Bitcoin is currently futures-driven,” adding that “open interest is rising, but on-chain apparent demand remains net negative despite ETF inflows and Saylor buys.” tweet The CryptoQuant CEO also reported that BlackRock’s iShares Bitcoin Trust recorded $983 million in weekly inflows, its ... (full story)