#大户持仓动态 Looking at the latest market report, Bitcoin and Ethereum spot ETF saw significant capital outflows yesterday, which has stirred quite a bit of discussion in the community. Many people, upon seeing these numbers, started to worry about a major market downturn. But thinking it through carefully, jumping to conclusions based solely on ETF outflows is a bit one-sided.

The facts are as follows—BTC experienced a net outflow of $158.3 million, ETH saw an outflow of $75.9 million, and BlackRock’s products also liquidated some positions. In the short term, this will indeed create selling pressure, and market volatility is inevitable. But the key point is, the story behind this isn’t that simple. I analyzed on-chain data and found some interesting things: large Bitcoin wallets have been accumulating on dips in recent days, with no abnormal trading volume spikes, indicating that the whale groups on-chain are actually not panicking; Ethereum is even more interesting—gas fees are low, on-chain activity remains stable, developers are continuing their work, and there are no signs of panic.

From another perspective: recent regulatory developments pose no major risks, and signals from the Federal Reserve suggest a possible slowdown in rate hikes, which is a positive for risk assets like cryptocurrencies. Combining all this information, although short-term ETF withdrawals have caused some pullback pressure, the long-term logic is actually healthier—the floating supply has been washed out, making the market more pure, and it’s a good time to lay low.

My view is this: this dip is essentially a buying opportunity. If Bitcoin approaches previous lows, consider accumulating in stages; Ethereum will follow Bitcoin’s rhythm, but its fundamental ecosystem remains solid, so there's no need for overreaction.

Ultimately, the crypto market is complex, but data is the most honest indicator. Based on on-chain performance and macro factors, caution is advised in the short term, but I remain bullish on the medium-term trend. Don’t be swayed by temporary emotions—there are too many stories of FOMO and losses from following the crowd. The market always offers opportunities; it’s just a matter of whether you’re prepared.