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Friday's spot ETF data remains a mess, with investors from BlackRock and Grayscale continuing to lead the sell-off. The market improved for two days on Monday and Tuesday but was then pushed back to its original state, especially since traditional ETF investors are clearly chasing gains and selling on dips. In the just-concluded Week 104, U.S. institutions net sold 7,445 $BTC , whereas in Week 103, there was a net inflow of 4,468 .
Therefore, occasional inflows do not necessarily mean that investors genuinely want to invest in cryptocurrencies. It is very likely driven by macro, political, and economic speculative behaviors. Once the speculation fails, they immediately exit.