US stocks surged on Monday, with the S&P 500 up 2.35% and the Nasdaq up 2.74%, the S&P 500 posting its best single-day performance since April. BTC didn't follow suit, still hovering below $75,000. BlackRock IBIT saw net outflows for the seventh consecutive trading day, accumulating approximately $1.66 billion; on the same day, Morgan Stanley's BTC ETF actually saw inflows. Is this a change of focus, or is it genuine exit? Don't focus on individual ETFs; look at the total net outflow of spot ETFs: approximately $201 million on Monday. Risk appetite has returned, but the crypto market missed out this time.