On Monday, the data for the $BTC spot ETF is still not very good. Although there is still a net inflow, only BlackRock has a significant inflow, which is over 3,700 units, while the inflows from others can be ignored. On the outflow side, both Grayscale and ARK have seen outflows exceeding three digits. Overall, this aligns with the recent discussions we've had, indicating that traditional American investors' enthusiasm for cryptocurrencies, and even Bitcoin, is declining.

Moreover, it's not just the spot ETF data; looking at the data from Binance and Coinbase, the trading volume of BTC is also on a downward trend. The main reason for maintaining the price at high levels is not a significant increase in buying power, but rather the fewer investors willing to sell. Therefore, if systemic risks arise, there could be significant pressure on the BTC price.

From a broader perspective, the correlation between BTC and the U.S. stock market remains high. Recently, the performance of the U.S. stock market has not been very friendly. Let's see if Nvidia's earnings report can boost market sentiment.

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