Teacher Jason's statements are generally consistent with what I've been observing in ETF data recently, but the slight difference is that it's not that it has nothing to do with ordinary people; rather, it has little to do with traditional investors. Aside from the significant buying by traditional investors that started last Thursday, the buying sentiment among traditional investors had been quite poor for six months prior. Even when $BTC was approaching new highs, the buying volume from traditional investors in ETFs was minimal.

Before breaking new highs, it can be said that the buying sentiment for ETFs was very sluggish. Although there were often positive inflows, the inflow amounts were vastly different from the end of 2024. The daily inflow for Bitcoin spot ETFs in 2024 could easily reach 18,000 coins, while before the new highs, it was basically around 1,800 coins, and having 2,000 or 3,000 was already considered good.

In this round, the support for buying has mostly come from friends within the crypto community. The main battleground is still in the exchanges, but indeed, there is a significant gap in buying volume between small-scale investors and high-net-worth investors.

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