#现货交易 $32 billion inflow looks lively, but only by carefully breaking down this data can we truly understand the market pulse.

Bitcoin ETF net inflow of $21.4 billion, down nearly 40% month-on-month — this signal is very important. The previous frenzy is cooling down, institutional allocation demand still exists, but the growth momentum has significantly weakened. Ethereum ETF’s first-year inflow of $9.6 billion is impressive, but recently BlackRock’s ETHA has had no new funds for several days in a row. What does this indicate? Market hotspots are rotating; not all assets can continue to attract capital.

The detail of Grayscale GBTC outflow of $3.9 billion is particularly noteworthy — major players are switching strategies. At this point, copying trades requires extra caution; you shouldn’t just look at the position directions of top accounts, but also where their funds are flowing to. Some experts have already changed their positions, and followers still clinging to old positions will suffer losses.

Opportunities in spot trading instead emerge amid this divergence. When ETF demand slows and capital flow rhythm decelerates, it’s actually a good time to pick up bargains. My strategy adjustment is: reduce dependence on large capital flows, and increase emphasis on technical analysis and fundamental spot data. Over 100 ETFs listed in 2026 will stir the market again, but for now, maintaining a steady mindset is more important than chasing the hot trend.

Experience has shown me that hot money isn’t always good money; the core of rational copying is always understanding the underlying logic, not blindly following the crowd.