From a micro perspective, recently a few hyped projects, like ASTER and some yield-chasing funds, have gradually taken profits. However, this type of in-circle capital typically doesn’t leave the market; instead, it rotates within the space, looking for short-term undervalued targets. In fact, even when project teams or market makers cash out, they often convert it into Bitcoin for storage. So, after the first wave of in-circle funds stabilizes Bitcoin, the next step is to see if external ETF inflows can step up. As of now, ETFs are still seeing net outflows, but gold has already shown signs of a short-term top. Let’s keep an eye on whether major institutions will favor Bitcoin again next week, turning ETFs into net inflows. If the capital flow reverses, the price of Bitcoin will naturally strengthen.