Also Three ETFs in the Top 10 & Bitcoin Took the Lion’s Share of Crypto’s Market Expansion

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	Forwarded this email? Subscribe here for more Bitcoin’s Third Move Also Three ETFs in the Top 10 & Bitcoin Took the Lion’s Share of Crypto’s Market Expansion Ecoinometrics Jul 25   READ IN APP   Welcome to Ecoinometrics' Friday edition. Each week, we analyze the three most critical market signals impacting Bitcoin and macro assets, delivering institutional-grade insights through data-driven charts and analysis. Today we'll cover: Bitcoin’s Third Move Three ETFs in the Top 100 Bitcoin Took the Lion’s Share of Crypto’s Market Expansion This week’s signals all point in the same direction: Bitcoin is not just performing well, it’s consolidating its role as the anchor of the crypto asset class. From repeated ETF-driven price surges to climbing the ranks among the largest ETFs by AUM, and now capturing the bulk of crypto market growth, the trend is clear. Institutional demand is reshaping the structure of this market and Bitcoin is at the centre of it. In case you missed it, here are the other topics we covered this week: Liquidity Conditions Are Fuelling Bitcoin's Rise Ecoinometrics · Jul 21 Read full story Bitcoin Rides the NASDAQ Breakout Ecoinometrics · Jul 23 Read full story Essential Decision-Making Tools Bitcoin Market Monitor - Key Drivers in Five Charts: Bitcoin Market Monitor Ecoinometrics · November 18, 2024 Read full story Bitcoin Market Forecast - Probability Scenarios & Risk Metrics: Bitcoin Market Forecast Ecoinometrics · December 6, 2024 Read full story Get these professional-grade insights delivered to your inbox: Upgrade to paid Bitcoin’s Third Move Since the launch of the spot Bitcoin ETFs 18 months ago, we’ve seen a clear and repeated pattern emerge. It goes like this: ETF flows ramp up, and Bitcoin’s price moves sharply higher. Then flows stall, and Bitcoin consolidates. That cycle has played out three times already: Launch to March 2024: pent-up demand drove big inflows. Bitcoin jumped from $46K to $70K. Fall 2024 to year-end: inflows picked up again after the U.S. elections. BTC rallied from $60K to $100K. May 2025 to now: we’re in the middle of another sharp move up in ETF flows. Bitcoin has climbed from $85K to $119K. In between those moves? Mostly sideways price action. This isn’t just correlation. There’s a causal mechanism: when money flows into the ETFs, those funds need to buy more Bitcoins putting steady upward pressure on the price. This also suggests that ETF-driven demand is becoming the dominant driver of Bitcoin’s cyclical behaviour, replacing narratives and retail speculation with institutional flows. That’s why it makes sense to watch the slope of cumulative ETF flows. It gives you a real-time read on the market regime. And right now, the slope is steep again. We’re in another expansion phase. Every sharp rise in ETF flows has triggered a major Bitcoin rally. With flows climbing again, the pattern is repeating. Three ETFs in the Top 100 With nearly 700K BTC added to ETF holdings over the last 18 months, it’s no surprise that some of these funds are starting to get large. How large? As of now, three spot Bitcoin ETFs rank in the top 100 U.S.-listed ETFs by assets under management. The biggest, BlackRock’s IBIT, isn’t far behind GLD, which is the largest gold ETF. And when you add them up, the combined AUM of these Bitcoin ETFs is about the same as the total AUM of the two gold ETFs that appear in the top 100. So we’re no longer talking about a niche or exotic asset. Bitcoin is playing in the same league as gold. Of course, it’s still far from challenging the massive equity ETFs, which dominate the list thanks to broad diversification and large retail inflows. But the fact that Bitcoin ETFs are already competitive with gold tells you everything you need to know about their legitimacy. You still hear people question whether Bitcoin is a “real” investment. But the financial adoption metrics speak for themselves: Bitcoin is now embedded in the structure of U.S. capital markets and it’s here to stay. Three Bitcoin ETFs are now among the largest 100 by AUM. IBIT has reached $85B, putting it just behind the leading gold ETF, GLD at $100B. Bitcoin Took the Lion’s Share of Crypto’s Market Expansion Looking back over the past decade, it’s remarkable how far crypto has come, expanding from just a few billion dollars in market value to nearly $4 trillion today. But zoom in on the last three years, and it becomes clear: Bitcoin has driven most of that expansion. In the first part of the cycle, this was typical of a bear market recovery. Bitcoin tends to outperform during that phase, with its dominance rising as capital flows back into crypto. Then came the second leg (starting 18 months ago) driven by the launch of spot Bitcoin ETFs. That influx of capital flowed entirely into Bitcoin, supercharging its market cap relative to the rest of the crypto space. Of course, it now looks like Bitcoin dominance may have peaked. If we’re entering the later stages of this bull cycle, growth is likely to be more evenly distributed across altcoins and Ethereum. Still, it’s worth remembering that Bitcoin plays a privileged role in crypto’s market structure. It often leads the cycle. That’s why understanding Bitcoin’s market regime helps you make better decisions, even when your bet is further out on the crypto risk curve. Bitcoin has captured the majority of crypto’s $4 trillion expansion over the past three years, especially following the ETF launches. That's it for today. Thanks for reading. Cheers, Nick P.S. Every week, our team conducts extensive research analyzing market data, tracking emerging trends, and creating professional-grade charts and analysis. Our mission: Deliver actionable macro and Bitcoin insights that help institutional investors and financial advisors make better-informed decisions. Ready for institutional-grade research that puts you ahead of the market? Click below to access our premium insights. Upgrade to paid You're currently a free subscriber to Ecoinometrics. For the full experience, upgrade your subscription. Upgrade to paid   Like Comment Restack   © 2025 Ecoinometrics 548 Market Street PMB 72296, San Francisco, CA 94104 Unsubscribe