Funding side: Some statistics show that hedge funds reduced their holdings by about 68,000 BTC (roughly $5.4 billion) in Bitcoin spot ETF-related trades, while sovereign wealth funds and wealth management institutions collectively bought about 20,000 BTC over the same period. On one side, leveraged capital is pulling back; on the other, money with a longer holding period is coming in. The structure is changing hands, which does not mean a one-sided bullish view. In the short term, what matters more is whether net inflows can stay stable and whether there are any new disruptions to the Fed's interest rate path. Don’t take “catching the bag” directly as a signal of a trend reversal.