The risk of chasing gains and selling off in panic was mentioned a few days ago, and it has indeed largely played out. Since Tuesday, the capital data for Bitcoin spot ETFs has shown a clear contraction. Fidelity, which was still experiencing large inflows on Monday, has now seen outflows 1.5 times larger. Meanwhile, the fund inflows at BlackRock, which were the strongest yesterday, have only maintained two-thirds of their previous level today.

Looking at the data, the price of BTC has already fallen back to around $90,000 today. The movement of institutional investors' funds often reflects the true shift in market sentiment—rapid switching from inflows to outflows indicates that the chasing of the rebound is orderly retreating. Especially the scale and speed of withdrawals by large fund companies are usually important short-term market top signals. How the subsequent market will develop depends on closely monitoring the movements of these major funds.