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ETF Flows / OI

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In plain English

Top line is bitcoin’s price. Under it, two flow tapes: how much money has piled into US spot bitcoin ETFs (running total of buys minus sells), and how much leveraged futures betting is open (open interest).

ETF inflows mean new coins were bought to back shares. Rising open interest means more futures contracts are outstanding — more fuel, not a direction by itself.

Math and metrics

Spot from collector. ETF cumulative net from TFTC. Perp OI from OKX (as collected). Dual pane: price on y, ETF cum and/or OI on y2 depending on traces.

ETF_cum_t = Σ net creations/redemptions (USD) to t.

OI is notional outstanding, not net positioning. Positive ETF flow ≠ price must rise that day.