Although the spot price of $BTC was not very good on Friday, the purchasing power of the spot ETF was still acceptable, remaining within the standard range. At least compared to the declining spot price, there are still buyers for the ETF, mainly BlackRock. Aside from BlackRock, there isn't much reference value; BlackRock's investors purchased over 2,100 Bitcoins, and the entire U.S. spot ETF institutions, aside from Invesco selling less than 100 BTC, did not have any net outflows.

From the ETF perspective, there were indeed no factors indicating a decline on Monday. After all, the prices remained quite stable over the weekend. After the market opened today, U.S. stocks performed well. While there might be some macro sentiment affecting the daytime, it shouldn't be the case at night. Although the main reason has not yet been identified, I still believe it is not primarily due to the current major speculation.

From the weekly data, in week 88, the U.S. spot ETF had a net inflow of less than 8,000 BTC, which is less than half of the data from week 87. Investor sentiment remains very low.

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