In the past 24 hours,#BTCin ETF holdings are still positive inflows.

We can find from the official BTC holdings data that there is actually a net outflow, and the outflow has reached four digits. Even according to the current trend, I doubt that there may still be a net outflow today, because from the perspective of Wood Sister's ARK, 1,324 BTC are expected to flow out today. If GBTC also flows out of 3,000 to 4,000 tomorrow, then there is a high probability that there will still be a net outflow.

From the detailed data, the number of BTC that BlackRock net increased in the past 24 hours has not changed much. Although it has decreased by more than 100 compared with the previous day, it is still about the same overall. We have said before that Monday is the most important time, because Monday is often a time when funds are relatively abundant. Then there is the data of Fidelity. Although Fidelity has increased its holdings a little more than the previous day, it only has a net increase of more than 600. This data is still quite different from the past, which also represents the decline in the purchasing power of the first echelon.

And the derived problem is that not only the first echelon, but also the second and third echelons will have lower holdings. Wood's ARK is the leader of the second echelon, and has experienced net outflows for two consecutive trading days. This issue was mentioned yesterday. It is not yet known whether it is Wood herself who sells or ARK users, but I still think the probability of the former may be higher.

Because even if the third echelon's holdings are very low, at least they are neither increasing nor decreasing, and there is no obvious sign of leaving the market, which means that more#Bitcoinspot ETF investors will still focus on holding positions.

In general, the current weakening of the market's purchasing power is the most direct problem, but as the price of BTC falls, the selling pressure is also decreasing.

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