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On the eve of Christmas, the US BTC spot ETF has not ushered in calm. Data shows that US investors withdrew over 3,000 Bitcoins on this day, with outflows from BlackRock-related investors reaching 1,800 Bitcoins. This is not the first time such a trend has been observed—traditional capital's enthusiasm for participating in crypto assets is clearly declining. Whether in terms of allocation demand or trading activity, both are continuously decreasing, and no signs of reversal have appeared yet.