Tuesday's spot ETF data showed a split trend: on one side, BlackRock investors continued leading the sell-off, while on the other side, other institutions showed almost no signs of selling. Personally, I think the sell-off volume is still acceptable. BlackRock's holdings peaked at 806,329 BTC on October 28, and now it's at 782,852 BTC. Over 22 days, they sold 23,477 BTC, which is 2.92% of the total. Of course, the selling might not be over yet, but overall, it seems like there are more investors holding than selling. The current holdings are still at the same level as early October. It’s possible that BTC's price drop exceeded many people's expectations, leading them to think BlackRock investors were dumping heavily. But in reality, BlackRock's BTC sell-off isn’t that significant. Bitget VIP, lower fees, crazier perks.