The sentiment engine of Bitcoin ETFs is rewiring market structure

The tide of capital once destined for raw spot Bitcoin has begun to flow through institutional canals, spot exchange-traded funds (ETFs), structured products and wrapped exposure, and while the water is rising fast, the waves aren’t quite the same. Bloomberg’s senior ETF analyst, Eric Balchunas, pointed out on X that there is a large movement in leveraged long ETFs and, at the same time, safer bets like gold and cash. Suppose one had to choose if Bitcoin (BTC) was a risk-on or risk-off asset...