After reviewing the data on BlackRock's $BTC spot ETF $IBIT compiled by Bloomberg, it has been observed that the largest Bitcoin ETF institutions have experienced outflows for six consecutive weeks. According to the data, this has resulted in the largest net outflow in history. Many friends are quite pessimistic about BTC, but from the most practical data, the total net outflow over these six weeks is only 30,000 BTC.

Currently, BlackRock still holds 776,000 BTC, with a peak of 806,000 BTC. Therefore, feeling pessimistic at this point seems a bit premature. Moreover, the vast majority of ETF investors are not short-term holders.

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