Today's biggest signal for BTC is not the price.

It's that institutional funds are still pulling out.

Many people think that after such a big drop, it should bounce back.

But my view is clear.

Right now, I won't rush to buy the dip just because the price is cheap.

Why?

Because what really affects BTC in this round is not retail sentiment, but institutional funds.

Over the past few trading days, US spot BTC ETFs have seen continuous net outflows. On June 29 alone, about $231 million flowed out, and the entire June also recorded one of the worst single-month capital performances since the ETFs were launched. This shows that institutions are not in a hurry to return to the market right now, but are waiting for new catalysts.

What does this mean?

It means BTC is unlikely to see a sharp rally in the short term.

Without new capital, even good news can easily become a sell-off after a rebound.

But I want to emphasize one point.

Being bearish in the short term does not mean I am bearish on the trend.

BTC's true underlying logic has not changed.

Institutional allocation, corporate holdings, Bitcoin's scarcity—none of these have disappeared because of this correction.

What the market lacks right now is not a narrative.

It's the return of capital.

If I were trading today.

I would not chase shorts.

Nor would I blindly buy the dip.

I would rather wait for the market to complete this round of rotation, wait for ETF fund flows to turn positive again, and then consider increasing my position.

Many people lose because of the direction.

Even more lose because of the timing.

The market will never give you the opportunity early just because you are impatient.
#Gate完成141只股票股息派发 $BTC ‌