Odaily星球日报讯 据 Trader T 监测，昨日，11 只美国现货比特币 ETF 交易总额达 7.11 亿美元，为自推出以来第三低水平。

美国现货比特币ETF总交易达7.11亿美元，为推出以来第三低水平

Odaily Odaily reported that according to Trader T&#39;s monitoring, yesterday, the total transaction volume of 11 US spot Bitcoin ETFs reached US$711 million, the third lowest level since its launch.

U.S. spot Bitcoin ETF total trading volume reaches $711 million, the third lowest level since launch

When will we be able to see the real bull market?

Bitcoin spot ETF ends 8 consecutive days of net outflow, will the market go bullish from now on?

Odaily Planet Daily Report: Jim Bianco, President and Macro Strategist of Bianco Research, released an analysis on Bitcoin spot ETFs:

1. The total assets of Bitcoin spot ETFs are now $46 billion, far below the $62 billion in June, the lowest level since February 12.

2. Data shows that since the launch of Bitcoin spot ETFs, the capital inflow is as follows:
- $12 billion in the first two months
- $4 billion in the following 6 months
- $1 billion in the past 3 months
- $1 billion outflow in the past 8 days

3. The average purchase price of the $16 billion inflow is currently $61,000; last Friday, Bitcoin spot closed at $52,900, and the Bitcoin spot ETF holders have incurred record losses of $2.2 billion, a loss of 16%.

4. The buyers of these ETFs are small "tourist" online retail investors, with an average trade size now below $12,000, the lowest since March.

5. The average trading volume of Bitcoin spot ETFs is far less than other mainstream ETFs; the adoption by investment (wealth) advisors is low, with their Bitcoin ETF holdings accounting for only 9% of the issued shares. Hedge funds have increased their holdings by about 12% (mainly for basic trading, not targeted bets); about 85% are not from TradFi institutions. Note that the top 10 institutional types are currently all in a loss position.

In summary, Bitcoin spot ETFs have not yet become a tool adopted by TradFi or the Baby Boomer generation. BlackRock confirmed this, stating that 80% of IBIT's inflows come from self-directed online accounts. Crypto quantitative analysis shows that most of the inflows to Bitcoin spot ETFs come from on-chain holders who have transferred back to TradFi accounts - so there is very little "new" money entering the crypto space.

So far, these tools have not achieved the "Baby Boomer adoption" hype. But perhaps after the next halving (2028) or major developments in on-chain tools (such as Bit DeFi, Non-Fungible Tokens, payments, etc.), the expected adoption can be achieved, first requiring patience and going through several market cycles (including one or two bear markets) and development breakthroughs.

Analysis: Bitcoin spot ETF has not yet become a TradFi adoption tool, and holders' floating losses hit a new high

According to data compiled by Bloomberg, investors have withdrawn nearly $1.2 billion from 12 Bitcoin spot ETFs in the 8 days ending September 6. This massive outflow of funds coincides with a turbulent period in the stock and commodity markets due to concerns about economic growth. Bitcoin performed poorly in September, declining about 7%, but rose slightly over the past weekend, currently trading at $54,773.9, up 0.65% in 24 hours. 

Sean McNulty, trading manager at liquidity provider Arbelos Markets, said the slight BTC rebound seems to be partly driven by the unwinding of some prominent influencers' short positions, citing the recent actions of BitMEX co-founder Arthur Hayes. McNulty also noted that the improved performance of Republican presidential candidate Trump in opinion polls and prediction markets may have played a role. He pointed out that there is increased demand for options hedging ahead of Tuesday's debate between Trump and Democratic vice presidential candidate Harris, as Harris has not yet detailed her stance on cryptocurrencies.

Caroline Mauron, co-founder of digital asset derivatives trading liquidity provider Orbit Markets, said BTC may remain in the recent range of $53,000 to $57,000 ahead of the release of the latest US CPI data on Wednesday.

Yesterday, Arthur Hayes posted that he had closed his BTC short position, making a 3% profit, which was enough to cover his food and bar bills during the KBW period. Yellen is reportedly monitoring the markets, and if the market conditions persist next week, Bitcoin "may" rise, as US dollar liquidity is expected to increase.