According to the latest market data, the flow of funds into spot ETFs has always been an important factor influencing BTC prices. Last year, the net capital inflow reached a scale of 34 billion USD. This momentum has not completely stopped this year; although the growth rate has slowed to 22 billion USD, the overall trend shows that continuous institutional buying has become a fundamental support for Bitcoin's price.

Interestingly, the growth rate of capital flow last year temporarily surpassed that of the previous year, indicating that market enthusiasm continues to heat up. The current sideways consolidation is merely a cyclical adjustment in the market, a phenomenon that has repeatedly occurred in history.

Looking ahead to next year, with increased participation from more traditional financial institutions, capital inflows may usher in a new round of acceleration. This structural capital support keeps BTC's long-term fundamentals resilient. Regardless of short-term fluctuations, ongoing institutional-level allocations are reshaping the market's support structure.