#比特币ETF资金流动 Seeing this set of data, I need to calmly say: every market adjustment is an opportunity for us to reassess our beliefs.

The shift from strong accumulation to net selling in ETFs, a reduction of 24,000 BTC in holdings, and the growth of addresses with 100-1000 coins below the trend—these numbers do not reflect the demise of Web3 ideals, but rather the normal evolution of market cycles. Weak demand indeed exists, but we must see the essence clearly: in the past cycle, demand experienced three main waves (spot ETFs, elections, corporate treasuries), all signals of the traditional financial world moving closer to crypto assets. Now, with the adjustment underway, it precisely indicates that the market is digesting these incremental factors and preparing for the next wave of growth.

A bear market is not scary; what’s frightening is losing faith. Bitcoin, as a pioneer of value storage and monetary innovation, still shines brightly in its long-term narrative—and this is the foundation of our belief in the Web3 future. True strategists often act quietly during times of weak demand. Technical pullbacks are a reflection period for entrants and a test of the steadfastness of believers.

Trust in cycles, trust that innovation always has value. We are here to witness how decentralization changes the world.