Recently, the performance of the US spot Bitcoin ETF has indeed been worth paying attention to. Yesterday, the single-day net inflow reached $700 million to $750 million, and this level of capital inflow directly pushed BTC price close to $97,000, with a 24-hour increase of 3 to 4 percentage points. Meanwhile, short positions were liquidated in a total of $296 million, of which 92% were short positions. This set of data shows how intense the market sentiment shift has been.

From an institutional perspective, the impact of this inflow goes far beyond the surface. The BTC balance on exchanges continues to decline, indicating that a large amount of chips are being withdrawn for long-term holding. Every price correction attracts funds to buy the dip, forming a typical institutional accumulation pattern. Under this supply and demand structure, the possibility of BTC breaking through $100,000 is no longer distant.

The technical outlook also provides positive signals. Bitcoin has broken through several key resistance levels, and the recent liquidation of over-leveraged positions has released excessive leverage, making the market structure healthier. As long as ETFs continue to enter, the intrinsic driving force for upward movement will not disappear. This is a characteristic of institutional funds—patience and persistence.

However, the market always has two sides. Recently, leverage ratios have started to rise again, and the funding rate for perpetual contracts has turned positive, indicating that although the bulls are still dominant, the costs are increasing. If faced with large sell-offs, chain reactions of liquidations are likely to be triggered. Caution has never been outdated advice.

My personal view is that chasing the high now requires strict position control. The trend is indeed clear, but the $97,000 level is no longer cheap. Waiting until $95,000 or even $94,000 to enter might be a more comfortable choice. In a bull market, making money is less about speed and more about longevity.

Another angle is to pay attention to the movements of altcoins. After BTC hits new highs, there is usually an overflow effect of funds, and quality altcoins tend to follow or even overperform. Currently, it’s advisable to focus on some solid fundamental Layer 1 blockchain projects or DeFi applications, as there may be new opportunities once BTC stabilizes above $100,000.

Overall, this ETF inflow is genuine institutional capital in action, not a game of retail sentiment. Even if short-term corrections occur, there’s no need to panic; the key is to hold onto your chips and wait for more favorable prices.