Unhedged spot Bitcoin ETF flows show BTC is now a macro asset

Data shows spot Bitcoin ETF inflows are largely unhedged, pointing to real institutional investor conviction and BTC’s growing role as a macro-driven financial asset.

Key takeaways:

Avenir Group and Glassnode data conclude that a significant portion of spot BTC ETF inflows are unhedged, long-only positions, indicating genuine institutional conviction rather than reliance on short-term arbitrage strategies.

BTC continues to behave like a traditional macro asset with strong correlations to equities, gold, and liquidity cycles, while inversely tracking the dollar and high-yield credit spreads.

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