Bitcoin’s Value Soars: On-Chain Strength vs. ETF Weakness

Bitcoin’s realized capitalization has surged by over $8 billion, crossing the $1.1 trillion threshold. This metric reflects how much capital is currently held and moved within the Bitcoin network, suggesting active buying from both long-term holders and investors. 然而, despite this on-chain strength, institutional investment in Bitcoin ETFs remains minimal. During October, for example, net inflows into Bitcoin ETFs amounted to just around $3.4 billion, while long-term holders sold nearly $33 billion. This discrepancy reveals a divergence between how Bitcoin’s capital is being used and how it’s being allocated through ETFs.