Staring at ETF inflows now doesn’t mean much anymore. The more useful question is: with so much money flowing in, why can’t BTC hold steady above $80,000? From September 2 to 4, U.S. BTC spot ETFs saw net inflows of approximately 1,306, 9,454, and 2,149 BTC, respectively. Especially on September 3, the single-day inflow was close to 9,454 BTC—pretty strong buying pressure. But by September 8, ETFs turned to a net outflow of about 590 BTC, GBTC saw an outflow of 828 BTC, FBTC had 216 BTC outflow, and while IBIT, ARKB, and BITB were still receiving inflows, the intensity of funds had clearly cooled off. The issue is, from September 1 to 8, ETFs still had a cumulative net inflow of about 9,309 BTC, yet BTC has fallen back to around $78,000. If this were a major rally phase, this level of buying pressure should continuously push prices higher. But now, even with ETFs consistently buying, BTC keeps getting stuck between $80,000 and $82,000, which suggests heavy selling pressure above. Macro factors aren’t helping either—oil prices are nearing $100, U.S. bond yields are rising, and the market is back to trading inflation and rate hike risks. ETF buying pressure is being absorbed by macro headwinds and high-level selling. No need to rush to guess bull or bear markets next. If BTC can hold $77,000 to $78,000 and then break through $80,000 to $82,000, I’ll continue to respect the trend. But if ETFs keep flowing in and the price still can’t move up, then it’s time to be cautious. After watching bull and bear cycles for so long, I’ve come to believe more and more: the positive news itself isn’t that important—it’s how the price reacts after the news comes out that really matters.