When writing about today's spot ETF data, I felt quite heavy-hearted. In the past 24 hours, I have witnessed the two worst sets of data since the launch of the #Bitcoin spot ETF. Firstly, the institution Fidelity, which holds the largest position in #BTC, has experienced a net outflow of funds. Although the outflow is not significant, it still represents the instability of user sentiment.

Secondly, in the past 24 hours, apart from GBTC, the net increase in BTC holdings by institutions in nine other ETFs was only in single digits, and in some cases, less than 2 BTC. If Fidelity's reduction in holdings reflects user sentiment fluctuations, then the net increase in holdings by nine ETFs represents the purchasing power of American investors, which seems to have reached a low point. I'm not sure, but it's definitely on a continuous decline.

Another implicit data point is that BlackRock has not increased its BTC holdings for two consecutive days since the launch of the ETF, making it the only institution with no net outflow. Meanwhile, Grayscale continues to maintain its pace of outflows, with over 2,000 BTC being withdrawn in the past 24 hours, the highest number so far this week. The selling situation is also not optimistic.

However, I still want to emphasize that ETF data does not necessarily reflect the price trend of #BTC. After all, the trading volume of ETFs is becoming less and less significant compared to centralized exchanges. Therefore, it is important not to use BTC spot ETF data to measure the price trend of BTC spot. At most, it can be used to gauge the sentiment of American investors.

The data has been updated, and the link is: https://docs.google.com/spreadsheets/d/1W7JJ8lMQiUUlBb9U-BvFoq2H-2o5CpUuPO4D_KK3Ubw/edit?usp=sharing

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