The data on Thursday was in line with expectations. As long as the price of $BTC rises, there will definitely be some friends jumping in to chase the trend. My personal view is that we should mainly look at BlackRock's net buying power, as BlackRock's investors are the most stable among all U.S. spot ETF institutions. Although Fidelity's buying power is second only to BlackRock's, the proportion of trend-chasing investors is likely to be higher.

Recently, BlackRock's buying volume has exceeded the average for three consecutive working days, which is a good sign, and there are no signs of a decline yet. Investors' FOMO is still focused on the expectations of interest rate cuts from the Federal Reserve due to the standstill. I still maintain my stance: let's wait until Monday; we will discuss it again when the U.S. stock market opens on Monday.

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