$BTC Bitcoin spot ETF has experienced net outflows for the second consecutive day, which aligns with our previous assessment. After all, momentum-chasing and panic-selling investors are currently the main drivers of buying and selling. When there are favorable expectations, investors tend to chase rallies, but when they find the expectations are insufficient, they start selling. However, the current selling volume is not particularly high, and investors remain relatively disciplined, especially given that the market has been characterized by minor fluctuations recently.