The other day on Twitter, I stated that Bitcoin ETF flows are currently the primary force shaping the market's trajectory.

However, upon further reflection and musings with some of my favorite market commentators, I believe I need to adjust this contention.

ETF flows are indeed significant. As investors flocked to funds tracking the price of the leading cryptocurrency, we observed a steady increase in prices. Conversely, when these inflows shifted to outflows, we witnessed a swift decline in token prices. Specifically, on March 18, interest in spot ETFs diminished, resulting in over $150 million in outflows. This trend persisted over the next two days, with outflows exceeding half a billion dollars. Consequently, between March 17 and March 19, Bitcoin's value dropped by more than 9%. At …