#BTC回升，机构资金流向分化

Listed companies have cumulatively net purchased over 160k BTC this year, more than double the output of miners in the same period; on the other hand, BlackRock's spot Bitcoin ETF has seen net outflows for 10 consecutive trading days, with a cumulative outflow of 35,980 BTC. Listed companies are buying for the future, willing to wait for the next round of global liquidity easing; ETFs sell for the present—as long as the Fed has not truly pivoted and high interest rates persist, funds that flow in today can flow out tomorrow. So the biggest problem for BTC right now has never been whether institutions are buying, but the lack of sufficient incremental capital. The market lacks nothing but liquidity. When global liquidity truly begins to ease, and ETFs resume sustained net inflows, with long-term and short-term funds forming a resonance, will BTC have the opportunity to start a truly meaningful main upward wave. Before that, it remains mostly a choppy market.
$BTC