Our Bitcoin ETF has indeed been impressive. Over the past two months, it’s been like a vacuum cleaner, sucking in a total of $3.29 billion. Since it launched two years ago, it has accumulated a total of 58.72 billion in real money. Sounds pretty impressive, right? But let’s not rush to pop the champagne just yet. Let me open the books and show you the truth:

Compared to the 61.19 billion “Mount Everest” of October last year, this pile of money hasn’t even climbed back up to that altitude yet. Why do I say it’s still just “recovering from a serious illness”?
Think about it—between November last year and February this year, everyone was pulling out their investments like fleeing a disaster, with a total outflow of 6.38 billion, pouring out in a rush. That scene was truly heartbreaking to watch and tear-jerking to hear. The current wave of inflows is at most just filling in the “massive pit” from before—it’s not even filled in yet!