BTC现货ETF资金流出与价格走势

Good point on the underlying buying. It's not just holding, it's holding relatively strong despite the outflows. Makes me wonder if the 'real' money is just taking its time to enter more strategically.

Could it just be standard market dynamics? People taking some off the table after a good run, and new money slowly trickling in? Not every move needs a complex institutional narrative.

I think it's a mix. The retail side might be taking some profits, but the institutional rebalancing makes a lot of sense too. They had to get in big at the start.