The $BTC spot ETF on Thursday improved a lot, mainly because Bitcoin's price was relatively stable at that time. However, this improvement was merely a shift from a small net outflow to a small net inflow, with only about 1,500 BTC involved. Interestingly, the main inflow was not from BlackRock but from Fidelity, which had a three-digit amount, indicating that the selling pressure was just decreasing.

As has been mentioned recently, the stability of BTC's price is not due to a significant increase in purchasing power, but rather a reduction in selling pressure. Therefore, once a sell-off occurs from ancient whales, it can pull the price down. Although this is not the core issue, it can still trigger panic among some investors. It is estimated that the ETF data on Friday will not be very good.

Data link: https://docs.google.com/spreadsheets/d/1N8YIm1ZzDN197hMAlkuvH3BgFb8es0x1y4AJLCbDPbc/edit?usp=sharing

This article is sponsored by #Bitget ｜ @Bitget_zh

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