Chasing highs and cutting losses is vividly displayed in the spot ETF. Yesterday, the sentiment warmed up, the quarrel over the "Chuanma" came to a pause, and the passage of the "Big Beautiful" bill brought about a rise in the risk market. With the increase in the price of $BTC, spot ETF investors regained their purchasing power. On Tuesday, Fidelity sold the most, but on Wednesday, they bought everything back, and ARK and Bitwise also doubled their purchases.

Only Grayscale suddenly experienced a four-digit outflow, while other data remained quite normal. BlackRock's investors have not changed their positions for two consecutive days. Traditional spot ETF investors are not the main driving force behind the current price increase; the reduction in selling is the primary reason for maintaining the price.

Data address: https://docs.google.com/spreadsheets/d/1N8YIm1ZzDN197hMAlkuvH3BgFb8es0x1y4AJLCbDPbc/edit?gid=1695479590#gid=1695479590

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