For a long time, we've been saying that traditional investors haven't really returned to the crypto space. As for Bitcoin spot ETFs, there's been a lot of selling. However, looking at the weekly data, February indeed wasn't very optimistic, with a significant number of traditional investors exiting. But starting in March, we can clearly see three consecutive weeks of net inflows. Although the last week of March still saw outflows, the amount wasn't very significant. This doesn't mean traditional investors are suddenly turning to buy BTC. It likely indicates that both traditional investors and crypto-native investors are in the same state—while there's not much interest in buying, there's also not much interest in selling. Investors holding large amounts of tokens are very likely not the counterparties for spot prices.