Yesterday, BlackRock's Head of Digital Assets admitted something quite awkward during a live stream: among the top 20 global ETFs by fund inflows, only one has a negative return—that’s BlackRock’s Bitcoin ETF. All the other ETFs are making money. Yet, despite this, the Bitcoin ETF still ranks as the fourth-largest ETF globally, with inflows reaching $26 billion. Regarding this phenomenon, he believes it actually shows that Bitcoin is still in a period of intense turnover and long-term accumulation. He also revealed that 90% of investors in BlackRock’s Bitcoin ETF are still in a 'buy-the-dip' mode, while only 10% of hedge funds are engaging in short-term, high-frequency trading through basis arbitrage.