Trump Media lost $406 million in Q1, mainly due to unrealized losses from its Bitcoin holdings. On the other hand, the U.S. spot BTC ETF has seen net inflows for six consecutive weeks, marking the longest streak in nine months. Trump's company bought BTC at the top and took a big hit, but institutional funds are steadily entering the market. BTC is hovering around 80K, with no strong breakout signals in the short term, but ETF money keeps flowing in, making this bottom area more stable than before.