ETFs are still the best barometer for BTC. On May 1st, a single-day net inflow of approximately $629.8 million pushed BTC above 80k. What’s even more interesting is that in April, BTC ETFs saw a net inflow of about $1.97 billion, most of which occurred during BTC’s pullback from around 79,000 to 76,000. It’s undeniable that ETFs continue to raise BTC’s price floor. Additionally, after touching 80k, BTC’s sell pressure still mainly comes from three groups: - Short-term holders with a cost basis around $80,100: This group bought BTC within the last 155 days, with an average cost near 80k. Once the price returns to 80k, some funds will take partial profits. - Exchange inflows turning from negative to positive: After BTC’s price was pushed to around 80k, some coins flowed back to exchanges. - Institutions reducing positions after a significant rebound: In Q1, institutions bought heavily in the 65,000–70,000 range. Among them, there are definitely short-term funds taking profits during this wave of price action.