This week’s on-chain picture: Bitcoin saw a short rebound after a recent pullback, with spot ETF inflows remaining a material demand source; Ethereum’s unstaking/withdrawal queue expanded meaningfully, spotlighting staking liquidity risk; while on-chain activity (active addresses, custodial flows) paints a mixed picture of waning spot volumes but persistent institutional demand. Key numbers: ETF net inflows into flagship products were sizeable…
Since spot and futures crypto ETFs became widely available, institutional demand has shifted from fragmented channels (OTC desks, exchanges, direct custody) into regulated, tradable vehicles. That change affects where institutions source liquidity, how they custody assets, how BTC/ETH price reacts to flows, and which market infrastructure (custodians, APs, OTC desks) scales to meet demand. Below I explain the mechanisms, show…