Currently, the situation with the $BTC spot ETF's performance can be considered normal, as the price is not good. Therefore, there will be continuous exits of investors. However, I have noticed that some mainstream media have exaggerated the outflows of the ETF.

In fact, the total supply in the U.S. peaked at 1,384,018 coins on September 19, 2025, while it is currently at 1,281,181 coins, a decrease of 102,837 coins over nearly four and a half months, resulting in a reduction rate of 7.43%.

At that time, the price of Bitcoin was $115,690, and now it is $73,400, a price difference of 36.55%. By any calculation, this should not be attributed to the reduction in the spot ETF causing the BTC decline; rather, the spot ETF has effectively locked up over 1.28 million BTC that are not circulating in the market.

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