[Jiang Zhuoer: Continuous ETF Sell-offs May Lead to Significant Market Volatility] According to Deep Tide TechFlow, on June 30, Jiang Zhuoer stated that the current Bitcoin market is showing multiple bearish signals, including continuous sell-offs of spot Bitcoin ETFs and simultaneous reductions by multiple institutions. Additionally, the Coinbase premium indicator has turned significantly negative, with the discount level approaching the ranges seen before the major declines at the end of January and May. Meanwhile, funding rates in the futures market remain positive, and open interest is at a high level, indicating that leveraged funds are still relatively concentrated. In his view, the combination of these factors suggests that the risk of market volatility is increasing.