Last week, BlackRock and Fidelity net bought Bitcoin, despite overall market pressure, they still purchased approximately $150 million worth of Bitcoin. At that time, the trading price of Bitcoin was close to $68,000, significantly down from its peak in 2025, while gold also entered a technical bear market. The fund flow situation of the U.S. spot Bitcoin ETF varies, with significant outflows from funds such as GBTC, highlighting that even during peak trading periods, the operational mechanisms of these products are quite complex.