On Monday, the $BTC spot ETF, although looking good from the data perspective, at least still maintains a trend of net inflows, but aside from BlackRock's investors with a net inflow of over 5,600 BTC, other U.S. spot ETF institutions are either at zero or experiencing net outflows. The market has returned to a stage where only BlackRock investors are FOMOing, and history tells us that this is often a time of significant market divergence.

Today's data shows that U.S. Treasury yields have started to decline, gold prices are rising, and the decline in U.S. stocks is gradually widening. Although there has been an initial passage of the BTC state strategic reserve, the price has still struggled to return to $96,000. Market sentiment is not high, possibly due to risk-averse actions ahead of the Federal Reserve's interest rate meeting tomorrow.

Of course, today's auction of 10-year U.S. Treasuries is also extracting liquidity from the market, with U.S. stocks being the first to feel the impact. Cryptocurrencies are less affected, which is why $BTC has remained almost unchanged, diverging again from U.S. stocks. However, if the Federal Reserve announces a systemic positive or negative outcome tomorrow, BTC and the S&P 500 will still likely align in the broader direction.

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