On Tuesday, the performance of BTC spot ETFs still showed little change. U.S. investors had a net inflow of fewer than 600 Bitcoins, which remains at a relatively low level. Although data shows that a large amount of capital flowed into IBIT earlier this year, that was all in the first half of the year. Over the past two to three months, the liquidity in the ETF primary market has been absolutely terrible. This is closely related to Bitcoin's price performance. The price hovering around $11,000 has been stagnant for a long time. Investors who wanted to buy have mostly done so, and those who wanted to sell are in the same boat. As a result, overall trading volume has started to decline. The main issue is that BTC lacks an independent narrative and is simply following macro trends and tech stocks. Since the second half of the year, it seems like Trump’s interest in cryptocurrencies has also started to fade. Aside from mentioning stablecoins occasionally, there’s been little talk about BTC as a strategic reserve. It feels like the market is in a state of lacking momentum. Sponsored by Bitget ｜ @Bitget_zh