The past three days have seen an exceptionally hot spot Bitcoin ETF market. In terms of capital flow, ETFs have continued to see inflows of over $1.7 billion, successfully reversing the downturn from early January—when there was a loss of nearly $1.4 billion.

The most dramatic example was on Wednesday, when a single-day capital inflow reached $843.6 million, setting a new single-day high for the year. Meanwhile, Bitcoin also did not disappoint, with its price breaking through $97,000, hitting a two-month high. The market sentiment shift is very clear, as the Crypto Fear & Greed Index finally entered the "Greed" zone for the first time since October last year.

From the institutional performance perspective, BlackRock's IBIT fund is arguably the biggest winner of this round of market rally. Yesterday alone, it attracted $648 million, leading all spot Bitcoin ETFs. This investment giant is clearly bottom-fishing this wave of market movement. Following closely is Fidelity's Wise Origin Bitcoin Fund, which also absorbed $125.4 million, performing equally impressively.

The overall situation signals that institutional investors are accelerating their deployment. From the data, the previous selling pressure has been largely absorbed, and we are now in a new phase of capital entering the market. If the market continues to stabilize, this wave of enthusiasm is likely to persist.