Bitcoin: ETFs Become the Main Buyers, According to Coinbase

The cryptocurrency market is going through a challenging period, between persistent inflation, geopolitical tensions, and uncertainties about U.S. rates. In its weekly analysis, Coinbase highlights a significant shift in demand sources, as traditional buyers lose influence. U.S. spot exchange-traded funds now play a central role in supporting bitcoin. However, several indicators show that this demand remains fragile and that the price could retest lower levels. According to Colin Basco, senior quantitative strategist at Coinbase, institutional demand is undergoing a transition phase. In the second half of 2026, Bitcoin Treasury purchases have lost momentum. U.S. spot exchange-traded funds are therefore taking a more significant role in supporting the market. This development strengthens their influence on price movements, while other sources of demand struggle to regain momentum.

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