This week's Bitcoin market has been fluctuating back and forth, and the spot ETF has shifted from a strong net inflow to an embarrassing net outflow. The wave of inflows on Wednesday was quite fierce, but it quickly faded away—yesterday, although some investors from BlackRock also followed suit and bought in, honestly, the amount was negligible. Even more heartbreaking, the Fidelity investors who made large purchases a few days ago started dumping their holdings on a large scale, turning into a classic pump-and-dump scheme.

From the current situation, it’s clear that traditional big funds' enthusiasm for Bitcoin has returned to the old pattern—not very interested. Looking at where the funds are going, most of the withdrawn money has flowed into the US stock market. Ironically, Bitcoin spot ETFs were extremely popular at the beginning of the year, but by the end of the year, they have been knocked back to their original state. This market still needs to be refined.