Last night, I came across some data that’s worth pondering: Bitcoin spot ETF net outflows for the third consecutive day, with $138 million leaving on April 29 alone, and even BlackRock’s IBIT withdrew $5.47 million.

On the other hand, the pace of institutional coin accumulation has not slowed at all. The US-listed company BMNR has accumulated up to 5.08M ETH, with a total crypto asset value of $13.3 billion. There are also mining companies like Bitmine, which are directly using coins as vaults.

Thinking it through: the wave of ETF redemptions is most likely from short-term hedge funds. Those truly aiming for the long term have quietly been building positions at low prices.

Regulatory actions are also showing a “split” — Singapore has given the green light for banks to comply with holding coins, Hong Kong has issued its first stablecoin licenses (HSBC received one), while China plans to fully ban marketing on September 30.

The same group of institutions is buying and selling; in the same market, the east side is closing, while the west side is opening. Is this really bearish, or just a shuffle of players? $BTC $ETH $SOL