#比特币ETF资金流动 Bitcoin ETF has started net selling again, reducing 24,000 BTC in Q4 of December, which is a complete reversal from the frantic buying spree of the same period last year.

Honestly, seeing this data is quite interesting; the demand weakness has actually been noticeable for a while. Looking back, from the approval of spot ETFs, the election results, to the surge of Bitcoin treasury companies, the new demand has been almost fully absorbed. Now the 365-day moving average has broken, which is generally a signal of a bull-bear turning point in history.

What’s more painful is that the growth of addresses holding 100-1000 BTC has also slowed down. These players are mainly ETF and treasury companies, whose actions often represent the true intentions of large funds. This was the same rhythm at the end of 2021 and before the 2022 bear market.

It’s a bit like blowing up a balloon—after a few satisfying rounds of inflation, there’s no new air, and the balloon starts to deflate. In the short term, there may still be some volatility, but this signal should definitely be taken seriously.