#加密货币ETF Recently observing Bitcoin's trend, I truly feel the market's hesitation. Signs of a short-term rebound are indeed present, but the underlying capital flow tells a different story—ETF net outflows, continuous on-chain capital outflows, apparent demand turning negative... These data points are warning us that the current rebound may be more of a "dead cat bounce" driven by leverage rather than healthy spot demand support.

This makes me think of a key point: **Capital flow is the true engine that determines price trends**. The apparent peak of the rebound, if not supported by genuine buying from institutions and retail investors, often becomes a trap for chasing highs and getting caught. Bitcoin is currently holding the $84,000 support level, but facing four rejections near $90,000, which precisely reflects market hesitation and divergence.

But I am not pessimistic. In the long term, the launch of Bitcoin ETFs itself is a significant compromise and recognition of traditional finance towards decentralized assets. Fluctuations are inevitable in this process, but every capital inflow and outflow is the market re-pricing and adjusting expectations. The key is to wait for the moment when demand truly recovers—when ETF capital shifts back to net inflow, we will see decentralized financial assets reaching new heights within the traditional system.

Patience and observation are essential; I believe value will eventually be recognized.