There’s no incremental inflow of funds into the market.

But the ETF data tells a different story.

It’s not that nobody is buying BTC; it’s that the buyers have changed.

What used to drive the market:

retail investors, contract-related capital, and active funds on exchanges.

Now an increasing share comes from:

pension funds, asset management institutions, and ETF allocation funds.

The biggest feature of this kind of capital is that:

they buy slowly, but hold for a long time.

So BTC isn’t rising as wildly as before, but when it falls, it also isn’t dropping as easily.

Because every pullback is gradually absorbed by long-term capital.

This also explains why recently:

Coinbase has continued to show negative premium, spot trading volumes have been sluggish, yet BTC hasn’t seen panic-like sell-offs.

In the real market, control is shifting from retail-led to institution-led.

When judging the trend going forward, besides macro factors and news flow, you also need to watch whether ETFs are still seeing continuous net inflows.

Continuous inflows indicate that long-term capital is still allocating; only when there are continuous outflows do you truly need to raise your alert level. #夏日创作营