$BTC In the past month, Bitcoin Spot ETFs have taken in over $5B in net inflows.
Saylor bought about $2.2B and other companies like $GME have bought at least another 2B+.
This likely contributes to a $10B+ net inflow from ETFs and companies.
Meanwhile, the price is still at the same level it was at 1 month ago.
If the inflows keep going, then that's good as eventually you'll chew through the supply.
But if those were to stop or turn around, that could become a problem as we have seen the same thing every time since the ETFs went live. Big inflows + No price progression = Eventually leads to a local top being created.
Long term, I would say that every billion bought by ETFs and Saylor is another billion away from willing sellers, and that is definitely bullish in the larger timeframe. But short term, it's always a reason for caution for me when the price is not moving with massive inflows (or outflows).
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