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Yesterday, there was a $200 million outflow from the ETF market.
There hadn't been a single day of net outflows in the past two weeks, and spot ETFs had seen total inflows of $3 billion over that period.
It turns out the market's latest rally was fueled by ETFs. As soon as the heavy inflows into ETFs stopped for one day, Bitcoin immediately started to wobble. We are happy that institutional investors have arrived, but I don't know whether this is a good or bad thing. The market has completely fallen under the monopoly of institutional ETF companies, and retail investors' money no longer matters at all. In the past, if 2–3 whales got together, they could move the market by 10%. Now, even if 2–3 whales got together, their orders on Bitcoin's order book would not even be visible. The industry is growing, but it is growing institutionally. Bitcoin was fundamentally against this very institutionalization in the first place, yet we have entered a strange phase. What do you think?