A recent analysis by Avenir Group and Glassnode highlights a significant trend in spot Bitcoin ETF inflows, which are largely unhedged and reflect genuine institutional demand. This indicates that traditional market participants are increasingly viewing Bitcoin as a macro asset, rather than merely a speculative investment. The data revealed strong correlations between Bitcoin's performance and traditional macro indicators, including equities and gold, while inversely tracking the US dollar and high-yield credit spreads. The study also noted that as BTC ETF holdings rise, Bitcoin is being treated more as an institutional asset, leading to improved market stability and liquidity. Additionally, the connection between global liquidity and Bitcoin's price is emphasized, with estimates suggesting that increases in global money supply could significantly impact Bitcoin's valuation. This evolving landscape suggests a maturation of Bitcoin in the financial ecosystem.

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