I just reviewed the Bitcoin ETF flow data and something interesting is happening. The spot ETFs in the U.S. accumulated $2.1 billion in inflows over 8 consecutive days until recently, bringing the total net flow since their launch to $58 billion. Assets under management are now around $102 billion, representing 6.5% of Bitcoin's market value. Quite significant, honestly.

The price movement has been parallel: Bitcoin rose from $68,000 to $77,000, a 12% increase that almost perfectly coincided with these ETF inflows. But here’s what catches my attention. Analysts point out that this ETF liquidity could be serving as an exit door for those who bought in the past few months. While some are heavily investing via ETFs, others are taking the opportunity to unload positions.

The critical level is at $80,100, which is the average entry cost for anyone who has bought in the last 155 days. If Bitcoin breaks above this, more than 54% of recent buyers would be in profit, and historically, that has marked local highs where short-term holders exit. Realized gains have already surged to $4.4 million per hour. The question is whether ETFs can sustain the rally or if the price will be sold off again as in previous cycles. Bitcoin is currently trading near $81,280.