Bitcoin’s weekend was a classic macro hit-and-run. On Friday, tariff threats toward China knifed through risk assets and shoved BTC through $110,000, with roughly $7 billion in crypto positions liquidated as leverage unwound into a thin tape.
By Sunday night and into Monday, the tone softened as Trump posted a calming message about China, and US markets steadied while China ADRs bounced. BTC followed with a morning pop, retracing part of the slump.
The main question arising from this weekend’s volatility is whether the US spot ETF complex, led by BlackRock’s IBIT, functioned as a shock absorber that kept Bitcoin price from sliding deeper into a hole.
A good place to start is the tape of creations and redemptions. Early last week, US spot Bitcoin ETFs printed a blockbuster run, with Oct. 6 alone clearing roughly $1.21 billion of net inflows, the largest single-day print in months.
That binge came before the tariff headlines and showed that cash was already queued up and flowing in
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