I think why did Bitcoin bottom out so early in this round? The answer may lie in ETFs. The most unique aspect of this bear market is: Retail investors are still afraid, but the funds coming in through ETFs have not completely exited. From the chart, it can be seen that the cumulative net inflow of Bitcoin spot ETFs in the United States is currently about $56.9 billion, which is only about 15% lower than the previous high. This represents a very important matter: Although BTC fell sharply during this bear market, But the accumulated funds of ETFs did not collapse like the price. Prices have fallen, but long-term funds have not withdrawn on a large scale in sync. This is also one of the important reasons why I think this bear market is particularly 'shallow' and the bottom is forming very quickly. The biggest problem with Bitcoin bear markets in the past was that after demand disappeared, they could only wait for the next round of retail investors to re-enter. But after the emergence of ETFs, the market structure may have changed. Retirement accounts, investment advisors, funds, and various ETF investors have all added a traditional financial portal where they can directly allocate BTC. So this time we may have seen a completely different script: Retail investors are still waiting for lower prices. The market sentiment is still in panic. Google search popularity is not crazy either. But the accumulated funds of ETFs have quietly returned to a position not far from historical highs. That's also why I keep saying: Don't mechanically apply the previous -80% bear market template to today's Bitcoin. Bitcoin is being institutionalized. When the long-term demand structure of the market changes, The depth, bottom formation, and even the entire four-year cycle of a bear market may change accordingly. The biggest trap of this round, Perhaps everyone is waiting for the 'bear market of the past', As a result, it never came back. ₿