#比特币ETF Seeing this set of data, I actually had a premonition. ETF net sold 24,000 BTC, which is not a small number—compared to the frantic accumulation in Q4 last year, the current attitude is simply worlds apart. The signal of demand exhaustion is already very clear.

The 365-day moving average has been broken, and this line has never been a joke in history. Every time it hits this level, the market often undergoes a cleansing. The current problem is that the main incremental gains from the three previous demand waves (ETF approvals, major elections, treasury companies) have been mostly absorbed. Fresh blood cannot enter, and old blood is flowing out.

This has a direct impact on copy-trading strategies—it's necessary to reassess what style the top traders being followed have. The aggressive traders might now need to reduce their copy ratios or adjust stop-loss levels, while conservative traders might have the opportunity to select low-position entries. The orders that followed the big rise before now need to be reconsidered—whether to take profits and cash out or continue holding in hopes of a reversal.

Before a bear market arrives, it’s usually like this: demand curves deteriorate first, and technical confirmation comes later. Both signals are now in front of us. The key going forward is to see who can survive longer during this cooling demand phase.