Bitcoin's Biggest ETF Just Took In $665 MILLION. So Who's Still Selling? | Alex Thorn

Bitcoin ETFs saw a sharp rebound, led by BlackRock’s IBIT taking in $665 million in a single day, but Bitcoin itself still struggled to reclaim recent highs. The discussion centered on who is selling into that demand, with Alex Thorn arguing that the flow data likely reflects a mix of ETF creates, conversions from spot Bitcoin, and broader portfolio reshuffling rather than simple retail enthusiasm. He also said the biggest Bitcoin bid is increasingly coming from traditional finance, not crypto natives.

The conversation broadened to the growing Wall Street embrace of Bitcoin. Thorn pointed to JP Morgan’s research projecting 10% annual Bitcoin returns over the next decade, Fidelity’s new note on perpetual preferred stock as a demand catalyst, and continued product development around Bitcoin lending and downside-protected ETF structures. The host and guests framed these as signs that major firms want more assets under management and are building products to capture Bitcoin owners’ balances across custody, lending, and brokerage.

They also argued that self-custody remains messy for many holders, especially after recent hardware-wallet supply-chain concerns, and that institutional products may be winning because they are simpler and more integrated. On the macro side, they said Bitcoin is still holding up well relative to hot inflation data, rising yields, and weak bank stocks, but that the broader market backdrop remains volatile and confusing.