Recently, I noticed that the US Bitcoin spot ETF has been performing well this week. With net inflows of $1.1 billion for three consecutive days, it is the strongest performance in six weeks. It looks like US demand is really starting to pick up again. BlackRock’s IBIT took the lion’s share—about $650 million—and Grayscale’s GBTC also saw its largest single-day inflow since converting to an ETF on Wednesday.

What’s interesting is that this wave of capital inflows is synchronized with the rebound of a certain major exchange’s premium index. That index moved from negative for 40 consecutive days to positive. It’s typically used to gauge the direction of US institutional funds. So this isn’t just capital flowing back—it also reflects improving sentiment in the US market.

From the holdings data, the total amount of Bitcoin managed by US spot Bitcoin exchange-traded funds has now reached 1.29 million BTC. Although BTC’s current price is 71.65K, down significantly from last October’s peak, it hasn’t stopped the growth of ETFs. Another detail is that open interest on the CME has been steadily declining, suggesting that this inflow is mainly driven by genuine long-position buying, not basis trading going on.

Things are much worse on the XRP side. Recently, it has dropped straight from $1.36 to $1.33, with trading volume also very large, indicating that there really are people selling. The $1.35 level has become a pressure point, and there is also resistance at $1.40 to $1.41 ahead. If the support at $1.33 breaks, the downside risk will be even greater.