The performance of Bitcoin spot ETFs these past couple of days has indeed been lukewarm. Capital continues to flow out, and the overall market trading activity has also declined. Looking at the daily chart, you can feel this dullness—there's hardly any room for significant fluctuations, just oscillating within a narrow range.

This is not an accidental phenomenon. The characteristic of the crypto market operating across time zones is clearly reflected here. Participation during the Asian trading session is already limited, and liquidity can't keep up, making it naturally difficult to form a strong breakout.

Currently, the real focus has shifted to two things: one is the opening of overseas markets tonight, and the other is the upcoming macroeconomic data release. The Federal Reserve's policy stance has become a key factor influencing global risk assets. If the data leans towards easing, the market will anticipate increased liquidity, which would be a major positive for capital inflows into BTC spot ETFs and could reverse the current capital outflow situation. Conversely, if the data indicates tightening, it will only accelerate capital withdrawal.

For investors, now is not the time for reckless actions. Wait for the overseas markets to open and the data to be released; the market is likely to remain in a wait-and-see mode. Be patient and wait for a clear signal. Whether the BTC spot ETF can stop the bleeding and whether the price can rebound all depend on how these two variables perform. In the short term, it's just spinning in this 'waiting-validation' cycle.