ETF data has been striking over the past two days: U.S. spot Bitcoin ETFs saw net outflows of about $430 million on Thursday, with nearly $200 million flowing out of Fidelity’s FBTC and about $105 million from BlackRock’s IBIT. Ethereum funds also saw outflows of about $100 million. On top of that, the Nasdaq plunged on Thursday, $BTC briefly fell to $75,200, its lowest level since mid-September, while $ETH was around $2,230. Institutional money is clearly pulling back in the short term. The next thing to watch is whether ETF flows can turn positive. I’ll sit back and watch—I’m in no hurry to buy the dip. #ETF #比特币 is for reference only and does not constitute investment advice.