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Bitcoin obtained hit laborious on Feb. 5 (down 13.2%), and Jeff Park’s take is fairly blunt: this didn’t seem like a crypto headline. It appeared extra like tradfi plumbing: margin, derivatives, and ETF mechanics, working via spot Bitcoin ETFs, with BlackRock’s IBIT proper within the center. Right here’s the odd half: flows didn’t present the massive redemptions you’d usually count on on a day like that.
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