#比特币ETF When I saw this set of data, I actually had a premonition early on. ETF net outflows of 24,000 BTC — this is not a small number — compared to the frenzied accumulation in Q4 last year, the current attitude is simply like night and day. The signal of demand exhaustion is already very clear.

The 365-day moving average has been broken below, and this line has never been a joke in history. Every time the market touches this level, it usually goes through a baptism. The problem now is that the previous three waves of demand (ETF approval, elections, treasury companies) that pushed up that rally have had their main incremental demand largely digested. Fresh capital cannot come in, and old capital is flowing out.

The impact on copy trading strategies is very direct — need to reassess what style those top traders you're copying have. Aggressive traders may now need to reduce copy trading ratios or adjust stop-loss positions, while conservative traders actually have opportunities to selectively establish positions at low levels. For positions that rode the upswing before, you need to think clearly whether to take profits and cash out or continue holding to bet on a reversal.

This is often what happens before a bear market arrives — the demand curve deteriorates first, technical confirmation follows later. Now both signals are right here. The key next is to see who can survive longer in this wave of cooling demand.