Just saw Bitwise's data. Simply put, Bitwise believes that although BTC's price has dropped sharply, the holdings of Bitcoin spot ETFs haven't shown signs of collapse. This suggests that this drop is more of a 'price falls first, flow remains stable' structural mismatch, rather than a typical 'ETF funds stampede redemption.' Bitwise regressed the cumulative net inflows of spot ETFs since January 2024 against BTC's price, deriving an implied fair value based on fund flows. The results show that BTC's current actual price (black line) has significantly fallen below this flow-implied fair value, with the deviation once reaching an extreme range of -35% to -40% (near/at 2σ). In plain terms, the cumulative fund flows of ETFs still represent strong real demand, meaning BTC is now at a position of 'relative discount compared to fund flows.' Therefore, the current trend is more likely driven by leverage unwinding, derivative liquidations, and a sudden drop in short-term risk appetite causing a 'price collapse,' rather than an ETF meltdown. This aligns with what BlackRock's Global Head of Digital Assets, Robert Mitchnick, said during the Bitcoin Investor Week 2026 event. @bitget VIP, lower fees, bigger perks!