Looking at this week's data, it indeed makes people a bit nervous. US spot Bitcoin and Ethereum-related funds experienced a net outflow of $680.9 million this week, a significant amount.

Digging into the specifics makes it even more interesting. Blackstone's IBIT still maintains inflows, with $25.9 million entering in a single week. But Fidelity's FBTC is different, having exited a whopping $481.2 million in just one week, and Grayscale's GBTC also saw outflows of $171.8 million. The strategies among major institutions are clearly diverging.

What does this divergence actually reflect?

**Short-term sentiment is cooling down**. Continuous net outflows indicate some funds are shrinking, and the enthusiasm for chasing highs is no longer as strong. Many large investors are now adopting a wait-and-see attitude, waiting for clearer market signals before taking action.

**Position adjustments are happening**. Interestingly, not all coins are flowing out. BTCO, EZBC, for example, are still experiencing net inflows, indicating that truly strategic players are making selective choices rather than retreating entirely. The market is gradually shifting from a phase of broad price increases to one of carefully selecting truly valuable assets.

**This could be a bottoming signal**. Every large-scale net outflow is often a necessary process for market clearing of overhyped positions and preparing for the next wave of行情. The key is not the data itself but whether we can interpret the underlying turnover logic hidden behind these numbers.

Don't be scared by net outflows. This actually indicates that the market is gradually shifting from irrational incremental competition back to rational stock competition. For us, the most important thing at this stage is to stay calm and closely monitor whether Bitcoin can hold steady at key support levels.

Markets always start amid divergence. Stay calm and keep observing.