In the past 4 trading days, a phenomenon has been observed: continuous net outflows of US BTC and ETH spot ETFs, totaling $1.3 billion. But this is not panic selling; instead, it reveals some interesting details.

Who are the main players behind the outflows? Institutional giants like BlackRock and Fidelity. What does this indicate? It suggests that institutions are actively adjusting their positions, rather than retail investors blindly following and dumping. The nature is completely different.

At the same time, there is an indicator worth paying attention to — Coinbase has experienced persistent negative premiums. This reflects the demand temperature in the US spot market. Negative premiums mean demand is weakening, arbitrage funds are retreating, and the pricing power of the spot market is experiencing a phased decline.

Why is this happening? There is an overlooked macro factor at play. The final results of the tariff policy have not yet been announced; it will be implemented on the 14th. Under this uncertainty, institutions reducing risk exposure is actually the most rational choice. There is nothing worth over-interpreting.

But one point needs to be clarified — this is more like a "cooling down" of the market, not a "turning point." Funds are waiting for certainty to emerge, rather than betting on a particular direction. So the current logic is simple: wait for the market to give clear signals, then make decisions. Don’t be scared by short-term fluctuations.