The continuous outflow of ETFs is undoubtedly the main culprit causing the decline in BTC prices. Although BlackRock sells every day, the cumulative inflow of IBIT is still as high as 60.4 billion US dollars, but the net asset value is only 44.5 billion US dollars. This difference means that the overall position has incurred a 26% loss of 15.9 billion US dollars. After calculating, the average cost price of BlackRock IBIT is 80000 yuan, and it needs to rise by 36% to recover. However, BlackRock still holds 750000 BTC worth 440 US dollars. How much potential selling pressure is there in this? Since November last year, IBIT has had a total net outflow of 9.8 billion US dollars, which means BTC has fallen to this extent. IBIT has only sold 15% of its holdings, which looks really scary ... However, IBIT's total holdings are mainly divided into four types of funds, namely 25% arbitrage funds, 35% wealth management funds, 20% family offices, and 20% pension funds. The most untrustworthy one among them is arbitrage funds, and the most typical one is Jane Street, who was accused of smashing the market at 10 o'clock every day recently. Most of the 9.8 billion selling pressure outflows in the past six months came from arbitrage funds, while the other three types of funds were basically stable and would not frequently adjust positions. The reason why arbitrage funds run is because their profit model is not to hold coins and wait for them to rise, but to buy IBIT spot and short futures. However, after 1011 last year, the demand for leverage rapidly decreased, and the basis of CME narrowed. The trading of a large amount of arbitrage funds lost its appeal, so institutions gradually closed their positions and left. Combined with the rise of gold and oil, as well as the night time prosperity of neighboring US stocks, they further attracted more funds. All arbitrage funds, along with some other short-term volatile funds, have been proportionally released, and IBIT's theoretical maximum selling pressure is $20 billion. Currently, only half of it has been released, and Qingzhou is already halfway through the heavy mountain