Bitcoin’s weekend was a classic macro hit-and-run. On Friday, tariff threats toward China knifed through risk assets and shoved BTC through $110,000, with roughly $7 billion in crypto positions liquidated as leverage unwound into a thin tape.

By Sunday night and into Monday, the tone softened as Trump posted a calming message about China, and US markets steadied while China ADRs bounced. BTC followed with a morning pop, retracing part of the slump.

The main question arising from this weekend’s volatility is whether the US spot ETF complex, led by BlackRock’s IBIT, functioned as a shock absorber that kept Bitcoin price from sliding deeper into a hole.

A good place to start is the tape of creations and redemptions. Early last week, US spot Bitcoin ETFs printed a blockbuster run, with Oct. 6 alone clearing roughly $1.21 billion of net inflows, the largest single-day print in months.

That binge came before the tariff headlines and showed that cash was already queued up and flowing into wrapped BTC exposure. Even if you discount frothier aggregators, the mainstream coverage captured the same basic picture: a wave of money had entered the wrapper complex in the days leading into the macro shock.

Then came the flush. If ETFs were brittle, you would expect a cascade of same-day redemptions on Friday. That did not happen. Farside’s daily table shows aggregate US spot-BTC ETF flows finishing Friday, Oct. 10, with just $4.5 million in outflows.

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Author: Andjela Radmilac