On Monday, the data for BTC spot ETFs was still pretty weak. Although there was still a net inflow, the amount of funds flowing in was very low. Especially BlackRock investors, who are still leading the sell-off, though the volume of selling has started to decrease. From a God's-eye view, we know that on Tuesday, risk markets started to rise due to the Fed's pause on balance sheet reduction. But in reality, it still depends on the tug-of-war between the Fed's monetary policy and Japan's interest rate hikes. Most investors haven't participated in the turnover and are instead in a long-term observation mode, probably waiting for a shift in monetary policy. Now that the balance sheet reduction has stopped, the next step is the removal of SLR. Bitget VIP—lower fees, crazier perks!