Switzerland clears first retail spot Bitcoin ETF

Switzerland’s first retail spot Bitcoin ETF approval opens a direct European channel that bypasses prior custody and tax frictions. The move arrives while exchange net flows remain inconsistent and MVRV sits at fair-value levels that have not preceded strong upside. Geopolitical energy shocks raise Brent above $112 without producing a visible Bitcoin bid, exposing the absence of any reliable transmission from oil spikes to holdings. The open question is whether sustained miner hashrate recovery at higher difficulty will keep supply tight enough to absorb new ETF inflows or whether those inflows simply meet returning exchange supply.