Since the approval of the #美联储回购协议计划 Bitcoin and Ethereum ETFs, cases of continuous monthly net outflows have been rare. But as we enter December, the situation is different — although there are monthly outflows, the price has not been broken through.

The logic behind this phenomenon is actually quite clear: on one side, retail investors are selling ETF positions; on the other side, various fund pools and leading institutions are accumulating at low levels to change hands. In simple terms, the chips are changing hands.

Looking ahead, once the liquidity environment improves next year or the year after, these institutions holding the chips are likely to sell to retail investors at higher prices — continuing to complete a new round of distribution through ETFs. That’s how the market cycles.