Bitcoin’s recent inability to escape a tight trading range may have less to do with spot Bitcoin ETF flows than many headlines suggest, and more to do with the derivatives complex still doing most of the heavy lifting, even as futures activity cools.
That’s the core argument from CryptoQuant analyst Darkfost (@Darkfost_Coc), who said Bitcoin futures volumes have been “cut in half since November 22,” dropping from $123 billion in daily volume to $63 billion.
Futures, Not ETFs, Are Holding Bitcoin In Place
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The slowdown, he added, “partly explains the low volatility observed on BTC in recent weeks.” But the bigger point is relative scale: at $63 billion per day, futures still represent “nearly 20 times the volume of spot Bitcoin ETFs ($3.4B) and about
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