The decline in scale this time is mainly driven by price fluctuations rather than large-scale redemptions by institutions. Although the U.S. spot Bitcoin ETF recorded net outflows of approximately $3 billion, the actual allocation ratio of underlying BTC remains very close to the cycle high. Additionally, institutional appetite for new products remains strong, with the Hyperliquid-related ETF successfully attracting about $150 million in inflows within its first month of launch.

BTC-1.55%
HYPE1.76%
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