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$1 billion flowed into BTC, but the market showed an unexpected signal. 👀 Last week, BTC spot ETFs saw a net inflow of about $1 billion, marking the strongest weekly performance since April. Institutional funds are continuously buying. However, at the same time, the Coinbase premium index has been negative for 77 consecutive days, setting a historical record. These two data points together are very contradictory: On one side, Wall Street keeps absorbing BTC chips; On the other side, the US domestic market shows no obvious chasing enthusiasm. So the question arises: Who exactly is selling their BTC? Is it early whales cashing out? Is it miners releasing inventory? Or is the market undergoing a massive chip transfer? The current BTC market is undergoing an important change: Buyers are becoming more institutionalized, sellers more fragmented. The real battle behind the price is not just a long-short game, but about whose hands the chips are transferring from and to. When the market lacks frenzy and FOMO, yet funds continue to absorb selling pressure, this is often the phase most worth watching. #现货ETF资金回流，BTC与ETH能否接力？ $BTC