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Bitcoin(CRYPTO: BTC) is seeing strong spot and ETF demand absorbing whale selling and macro pressure, a setup that Bitfinex analysts call healthy.
Spot Demand Keeps BTC Rally Healthy
Bitcoin gained roughly 25% in August and more than 40% from its bear market low, briefly reaching $81,500 before Fed Chair Kevin Warsh’shawkish comments pushed it back below $77,000.
Despite rising September rate hike expectations, Bitcoin maintains a bullish structure.
Bitfinex reported on Aug. 31 that Bitcoin’s rally appears increasingly spot-driven rather than fueled by leverage.
Open interest has risen gradually to $55.6 billion while futures basis remains contained, even after the Aug. 19 record short squeeze.
U.S. spot Bitcoin ETFs recorded $924.5 million in net inflows last week, despite $201.9 million in Friday outflows following Warsh’s comments.
Over two weeks, the ETFs attracted roughly $2.8 billion, with last week’s inflows absorbing nearly four times the amount of newly issued Bitcoin.
Institutional Demand Absorbs Crypto Supply
Institutional buying continues to support both Bitcoin and Ethereum(CRYPTO: ETH).
Custodial addresses added roughly 59,100 BTC since late June as large whales sold about 50,500 BTC, suggesting ETF and institutional demand is absorbing profit-taking.
Meanwhile, Ethereum products attracted $815.7 million last week, with ETF demand relative to market size running roughly four times stronger than Bitcoin’s.
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