The data release has sparked heated discussions—among the top 25 most profitable ETFs in the US this year, a leading asset management company's Bitcoin spot ETF has unexpectedly performed well. Interestingly, this ETF has nearly a 10% decline year-to-date, yet it has firmly secured the sixth position in capital inflows. In comparison, the gold ETF, which outperformed it with a 64% increase, attracted even less investment during the same period.

The underlying logic behind this warrants consideration. Over 25 billion dollars of real money continues to flow into a loss-making product—what does this indicate? Large institutions are clearly not pursuing short-term gains; instead, they are quietly building positions during the adjustment period. Dare to take a contrarian stance in a bear market often means they have already made strategic decisions for the next cycle.

What should retail investors do in this situation? First, don’t be shaken out by short-term corrections. Second, the pace at which institutions build positions—gradually and in batches—is a useful reference. It’s not about going all-in at once but about phased, continuous deployment. If you have a long-term view of Bitcoin’s logic, now is indeed a good window to start entering gradually.

In terms of strategy, restraint is key: invest with idle funds through dollar-cost averaging rather than leverage trading, use spot rather than futures to avoid unnecessary risks, and exchange time for space. Accumulating chips in a bear market and counting gains in a bull market—those who get this rhythm wrong are often pushed out at turning points.