<unnamed>

Public Key

npub19yw2tgzv5tv7klsl5ffsdzuyuqedq7mnyzd08c2lqpmu70kt7vnqp6wvk3

Profile Code

nprofile1qqszj8995px29k0t0c06y5cx3wzwqvks0dejpxhnu90sqa708m9lxfspzemhxue69uhkummnw3ezuan4d3cx2mfwvdhk6qgkwaehxw309aex2mrp0yh8qunfd4skctnwv46qz9rhwden5te0wfjkccte9ejxzmt4wvhxjmcpr3mhxue69uhkummnw3ex2mrp0yhxx6tjvd6k6tnnwpskxegppemhxue69uhkummnw3ezuct5qy2hwumn8ghj7mn0wd68ytnyv96xztngv96hxtlmcjr

Publishing to

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relay.primal.net

relay.damus.io

nostrelay.circum.space

nostr.at

nostr.data.haus

Last Notes

2026-05-22 12:37:37 UTC

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Excelente como siempre!!!

2026-05-07 15:44:09 UTC

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Son preciosos!!!

2026-04-30 07:25:53 UTC

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Yes, ahora si!!!

2026-04-30 07:18:37 UTC

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Recibido, solo me falta conseguir que funcione en el navegador 😅

2026-04-16 15:11:08 UTC

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Yo tengo un debate interno y no termino de definir mi postura.
¿Me podrías decir el porqué de la tuya?

2026-03-29 14:15:23 UTC

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Thanks!

2026-03-29 09:34:21 UTC

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El llanero solitario!

2026-03-29 09:33:59 UTC

https://blossom.primal.net/e07c35b1fa8d7eed76958b7358805e8f1d7a0da20f87e7259c624e8b2bc46773.png
Bitcoin Spot ETFs: What Really Changed After the Launch Noise Faded
The simple story went like this: approval arrives, Wall Street comes in, price goes up. Two years later, the data paints a picture that is much less simple — and much more interesting.
When the SEC approved spot bitcoin ETFs in January 2024, the narrative practically wrote itself. At last, there was a regulated gateway for big money to enter Bitcoin without touching the asset directly. The immediate reading was almost automatic: now institutions are here, now the market changes, now a new phase begins.
What came next was not a disappointment, but neither was it a clean version of that story.
As of March 25, 2026, U.S. spot bitcoin ETFs held 1,260,000 BTC in verified physical holdings across the 11 active vehicles, with an aggregate market value close to $89.8 billion. Net inflows since launch had already surpassed $76 billion. Put differently: this is not a small experiment or a passing trend. This is a slice of the market that is already too large to treat as a footnote.
That alone forces a correction to an idea that was fairly widespread during the first year: that ETFs were mostly a story of expectations. At this point, they are not. They are a demand structure with meaningful scale of their own. And they are highly concentrated. BlackRock’s IBIT is around $50 billion in AUM and Fidelity’s FBTC around $18 billion, with the rest spread across Ark/21Shares, Invesco, and others. The headline is not just that money came in; it is that it came in through very specific channels, with very clear winners.
The more delicate part begins when you try to answer the question that really matters: who is buying. That is where it makes sense to be far more careful than market commentary usually is.
13F filings are useful, but they do not solve the whole puzzle. Only institutional managers with at least $100 million in discretionary assets have to file them, and they also come with a lag of up to 45 days after the end of each quarter. With those limitations in mind, what the Q4 2025 filings show is that roughly 76% of sector-wide AUM sits in the hands of disclosed institutional managers. That is a meaningful number. But the remaining 24% is not clearly attributable, and treating all of it as retail would be a simplification the data does not support: it can also include institutions below the filing threshold, brokerage platforms aggregating flows without breaking them out, and intermediary vehicles that are hard to classify cleanly.
Another common simplification also needs to be toned down: that ETFs have fully and neatly “institutionalized” Bitcoin. They have opened a very powerful channel for traditional capital to come in, yes. But a wealth advisor, a hedge fund, a tactical trading desk, and a strategic treasury allocation can all show up under the same label of “institutional capital,” and that label by itself explains much less than it seems. The breakdowns by institution type that appear in some industry reports could not be independently verified, so it is more honest not to use them as firm data.
Where the data does start to say something more interesting is in the behavior of capital once it is inside. The share of holdings with no observable movement over 30-day windows has risen steadily, from 75% at the start of 2025 to nearly 89% by March 2026. At the same time, arbitrage activity as a share of total AUM has fallen from 12% to 5% over the same period. That residual 5% has its own clear logic: basis trading that takes advantage of the spread between IBIT and spot BTC, tax-loss harvesting concentrated in the first quarter, and adjustments linked to mining hash rate. That is not a sign of broad exit. It is tactical activity with a known mechanism.
That trend toward higher retention is real and observable. What is less straightforward is the interpretation. “No movement in 30 days” does not automatically mean “long-term strategic investment”: it may reflect that, but it may also reflect positions reviewed quarterly, or capital simply waiting for a price level to exit. The direction is clear. The conclusion about conviction requires more caution.
Where there is less debate is in the mechanism itself. These products operate with physical backing: every net positive flow implies bitcoin purchases in the spot market. We are not talking about products that replicate price exposure through derivatives without touching the underlying asset. When the vehicle grows, its relationship with the spot market is not decorative. As of March 25, these ETFs represented 6.4% of Bitcoin’s total market capitalization. If you add the estimate that they have absorbed more than 30% of new BTC supply since launch, the mechanism of structural buy pressure is real and already large enough that it can no longer be ignored.
Still, from there to saying that ETFs now “control” price is a leap that should not be made so casually. Structural buy pressure is one thing. Saying that it explains every leg of the market on its own is something else entirely. On February 24, 2026, when bitcoin corrected to $62,920, roughly $1 billion of net inflows went into ETFs during that session. The data point is real. Whether those flows actually supported the price, or simply coincided with a rebound that would have happened anyway, is a question daily flow data cannot answer by itself. Bitcoin has continued to move in response to factors that existed before ETFs and are still here now: monetary policy, risk appetite, global liquidity, miner selling, leverage, and the asset’s own cycle. ETFs are now a large piece of the board. They are not the whole board.
That may be the most useful correction after two years of data. Spot ETFs have not turned Bitcoin into a domesticated asset, but neither have they been a merely symbolic doorway through which Wall Street watches from the outside. They have created a new layer of demand, large enough to change the conversation and opaque enough that it is still a mistake to speak with too much certainty about who is buying, why they are buying, and how much of that money is genuinely patient.
At launch, many people wanted a short story: approval, capital inflow, validation, price appreciation. Reality has turned out to be much less tidy, which is often another way of saying much more interesting.
What we have today is not proof that Bitcoin already belongs to institutions, nor proof of the opposite. What we have is something more concrete: a regulated channel that already moves tens of billions of dollars, that has absorbed a very serious amount of bitcoin, whose capital seems to be moving less and less over time, and that has made it impossible to keep talking about the market as if this piece did not exist.

2026-03-05 18:54:17 UTC

**What does BTC solve?**
Economics is political because almost everything that is bought and sold moves through territories that are always governed by someone—and that someone always intervenes in trade, even if only to protect it. So behind every economic exchange there is always a political decision.

2026-02-26 19:52:08 UTC

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Me gusta esa frase ;)

2026-02-25 14:45:50 UTC

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Esa dirección....... Tiene muchos BTC 😄

2026-02-23 07:53:38 UTC

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Joder Luna!!! Esto ha sido brutalisimo!!! Llevo semanas releyendo libros de BTC, en varios capítulos aparece, como es normal, el tema Estado, soberanía, etc.
Al tenerlo fresco y escuchar el pod (reconozco que lo he escuchado dos veces 😅 , y creo que necesito una tercera) me ha roto, aun mas, todo el esquema que tenemos grabado desde que nacemos y me ha abierto aún mas los ojos.
Mi enhorabuena a ti y a Andrés.

2026-02-19 07:46:29 UTC

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for us little fish who are not whales 0.01

2026-02-16 12:19:53 UTC

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#nevent1q…3aq3

2026-02-16 12:11:07 UTC

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joder macho, y como lo has hecho?

2026-02-15 18:20:31 UTC

Why CONSOLIDATE your UTXOs TODAY?
If you’re a hodler, this saves you fees in the future.
Don’t wait for the next bull run!
👁️ What is a UTXO?
Imagine BTC like a wallet of physical coins and bills, NOT like a bank account with a balance. Every time you receive sats, a specific “bundle” arrives. Your 1 BTC could be one big bill… or 100 little coins of 0.01. Those are UTXOs.
UTXOs (Unspent Transaction Outputs)
[https://blossom.primal.net/0563096a390d3e03f08e7d38bd1d93f26ef61f74559411f64f6f0092fd339adb.png](https://blossom.primal.net/0563096a390d3e03f08e7d38bd1d93f26ef61f74559411f64f6f0092fd339adb.png)
🕶️ The mess of “dusty little coins”
To send BTC, your wallet “gathers” all those small bundles.
More bundles = more data in the tx.
More data = FEES you’ll pay.
Imagine paying more in fees than a coffee for a small transaction!
🤔 Why NOW?
Network fees go up and down like Bitcoin. If you wait for the pump (or congestion), moving 100 UTXOs will cost you an arm and a leg.
Worse: they can turn into “dust,” where the fee > the value of the little coin. Goodbye sats!
Do it NOW — we’re in a consolidation season/moment!!
[https://blossom.primal.net/9574240547979a7940833e8a406c458bac4d94203e925aba9b48289809a35d10.png](https://blossom.primal.net/9574240547979a7940833e8a406c458bac4d94203e925aba9b48289809a35d10.png)
🤑 The master move: CONSOLIDATION
Take advantage of low fees (few sats/vB) to send ALL your balance to YOURSELF in ONE single tx.
Boom! From 20 tiny UTXOs → 1 giant UTXO.
Future: Sell or move during the bull market paying LITTLE.
[https://blossom.primal.net/5c12fa6fc1b4838869abf2f14e9635ec13baad6ac7158e4ef8792f46931b5474.png](https://blossom.primal.net/5c12fa6fc1b4838869abf2f14e9635ec13baad6ac7158e4ef8792f46931b5474.png)
👣 Step by step:
✅ Open your wallet (Sparrow, BlueWallet, or whatever you use with full UTXO control).
✅ Create a tx: Send your balance to a NEW address of yours; the recommendation is that your UTXOs are at least 0.01 BTC.
✅ Lower the fee manually (low, low!).
✅ Sign and broadcast.
Now you’ve got your BTC optimized and supercharged! 🦾
[https://blossom.primal.net/d063b8ac24a8e3fb3030d1ac2cfa92db974394f191ecd666c9d27b809bd3e993.png](https://blossom.primal.net/d063b8ac24a8e3fb3030d1ac2cfa92db974394f191ecd666c9d27b809bd3e993.png)
Tell me in the comments.
RT if it helped you.
HODL with 🥚🥚!
#bitcoin #btc #sparrow #sparrowwallet #utxo

2026-02-11 19:39:35 UTC

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Os dejo esto por si a algún asistente le interesa, un canal de telegram con comunidad que ayuda a llegar hasta aquí a nuevos usuarios. https://t.me/nostrespanol