⚡A must-watch signal— Bitcoin's price is now highly correlated with the inflows/outflows of U.S. spot ETFs. ETF funds are very likely one of the most important marginal buyers of BTC, with institutions contributing about 70%. This stands in stark contrast to the retail-driven bull market of 2021. It also directly changes the flow of funds: Institutionalization may not necessarily benefit the entire Crypto space. The liquidity brought by ETF funds might not spill over and rotate like before; In the future, many altcoins won't be able to outperform BTC and may eventually fade away.