Funds are beginning to differentiate, with BTC and ETH moving at different paces. Recently, ETF capital flows have shown subtle changes. From March 30 to April 2, the spot BTC ETF recorded a net inflow of $22.34 million, compared to a slight outflow in the previous week, indicating a clear recovery in sentiment. Structurally, the capital has not fully returned but is flowing selectively: ARKB leads, with IBIT, BTC, and HODL seeing varying degrees of accumulation; however, FBTC experienced a significant outflow, and market divergence still exists. On the other hand, ETH ETFs are under noticeable pressure, with an overall net outflow of $42.15 million, with only a few products maintaining small net inflows, while most are losing capital. The core signal behind this is very clear: funds are not leaving the market but are being re-priced and redistributed. It’s not yet a trend reversal, but BTC has shown initial signs of stabilization. The real key is who understands the direction of this “differentiation.”