Recently, I saw data on the capital inflows into spot Bitcoin ETFs, with daily inflows exceeding $240 million, led by BlackRock's IBIT ETF, followed by Fidelity's FBTC. This scale is relatively high in recent times. The institutional buying momentum is indeed strong, and it seems that market demand for Bitcoin is still present.

The price is currently hovering around $77,700, rebounding significantly from recent lows. I looked at the technicals, and the $72,000 to $74,000 range has become a key level. If it can break through, there may be room to move above $80,000. However, some analysts warn that speculative positions are quite stacked, which means there is considerable volatility risk.

Interestingly, companies like MicroStrategy are still continuously buying Bitcoin, and this institutional-level accumulation gives the market some confidence. However, derivatives data shows a divergence in sentiment between large investors and retail traders—large speculators are net long, while commercial traders are net short. This inconsistency often signals potential volatility ahead. The ongoing capital inflows into spot Bitcoin ETFs are indeed supporting the price, but whether these supports can hold in the short term depends on the upcoming market reactions.