Yesterday, the data for the $BTC spot ETF was still lukewarm. Although there was still a net inflow, it amounted to just over 1,000 Bitcoin. I discussed this situation with my friends this afternoon. Currently, the changes in BTC prices are less about the increase in purchasing power; in fact, there hasn't been a significant change in purchasing power over the past six months. Instead, the reduction in sell-offs has made the price more stable.

The situation with ETFs is also representative. Although the secondary market purchasing power of $IBIT is relatively decent, there is still a significant gap in the primary market for ETFs. The main purchasing power should come from investors within the cryptocurrency sector, and while holding BTC as a strategic reserve looks appealing, it still lags behind the turnover seen on exchanges.

This article is sponsored by #Bitget ｜ @Bitget_zh

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